Traders work on the trading floor of the New York Stock Exchange (NYSE) on July 24, 2024.
Spencer Pratt | Getty Images
Stocks were mixed on Thursday as investors looked ahead to the release of key data and tried to recover after a tough session on Wall Street.
S&P 500 Index Futures fell 0.2%, while Nasdaq 100 Futures down 0.3%. Futures and Dow Jones Industrial Average Up 47 points, or 0.1%.
Ford The company's shares fell 13% after its second-quarter profit fell well short of analysts' expectations. ChipotleMeanwhile, shares rose 3% as profit and revenue beat expectations as restaurant traffic increased. International Business Machines Corporation and Immediate service The gains also came after beating expectations.
The S&P 500 and Nasdaq Composite fell sharply during Wednesday's trading session, driven by disappointing quarterly reports. letter and Tesla. This has given rise to other heavyweight tech stocks and AI darlings such as Nvidia and Microsoft Fall into sympathy. Both broad market indexes and technology-heavy benchmarks had their worst trading days since 2022, with the Dow Jones Industrial Average ending the day down about 504 points.
Investors have been viewing the recent declines as a sign of a long-overdue correction in an overbought market that is currently shifting away from large-cap tech stocks and toward small-cap stocks and more cyclical areas of the market.
“We do have a lot of uncertainty right now…Also, I think it's a skepticism that (artificial intelligence) can bring profitability and productivity, at least in the short term. And the market is right now,” said Yung Ma, chief investment officer of BMO Wealth Management. – Yu Ma) on CNBC’s “Closing Clock”:
However, Ma said there are healthy areas of the market, such as cruise lines and U.S. infrastructure. He added that big tech companies will still “struggle for a while” until they can regain their footing and get more evidence of AI-related outcomes.
While some major tech companies missed expectations this week, an overall positive earnings season so far is supporting investor enthusiasm. More than 25% of companies S&P 500 Index These companies have already announced second-quarter earnings, according to FactSet data.
Initial jobless claims data and preliminary second-quarter GDP data will be released before the market opens.