Traders work on the trading floor of the New York Stock Exchange (NYSE) on July 19, 2023 in New York City.
Brendan McDermid | Reuters
Nasdaq 100 futures fell late Wednesday after Netflix reported its latest quarterly results.
Nasdaq 100 Futures fell 0.6%. S&P 500 Index Futures fell 0.2%, while Dow futures Hovering around the flat line.
shares Netflix Shares fell 8% after hours after the streaming giant released its second-quarter earnings report. The company reported revenue of $8.19 billion, missing analysts’ expectations of $8.3 billion, according to Refinitiv data. tesla The company’s shares fell 4% in after-hours trading after Chief Executive Elon Musk and other executives said on an earnings call that auto production would slow in the third quarter as factory shutdowns improved.
The Dow rose more than 109 points, or 0.3%, during regular trading hours, marking the index’s eighth straight day of gains and its longest winning streak since September 2019. S&P 500 Index rose 0.2 percent, while tech stocks rose Nasdaq Composite Index up 0.03%.
The gains came as companies reported stronger-than-expected quarterly results. Three-quarters of S&P 500 companies that have reported results have beaten expectations, according to FactSet data. Strong corporate earnings have fueled optimism about a soft landing for the economy.
“Investors are saying loud and clear that they expect the current stock market rally to continue,” said Tom DeLuca, a senior researcher at Vanguard Group. “Currently, short-term optimism is higher than it has been since December 2021, before the start of the 2022 bear market.”
Johnson & Johnson, traveler, American airlines and black stone Earnings are scheduled to be released before the market opens on Thursday. Wall Street will also be closely watching weekly jobless claims and existing home sales data.