Traders on the floor of the NYSE June 29, 2023.
Source: NYSE
Stock futures were higher Friday as traders assessed the latest corporate earnings results, and the Dow Jones Industrial Average tried to stretch its winning streak to 10 sessions.
Futures tied to the Dow added 32 points, up 0.1%. S&P 500 futures gained 0.2%, and Nasdaq-100 futures ticked up 0.3%.
Transportation companies CSX and Knight-Swift fell 5% each in the premarket after reporting earnings that underwhelmed Wall Street analysts.
Corporate earnings have been mixed thus far. Seventy-three percent of S&P 500 companies that have already reported exceeding analysts’ expectations, according to FactSet data. However, that beat rate is below a three-year average of 80%, according to The Earnings Scout.
Wall Street is coming off an uneven session. The S&P 500 and Nasdaq Composite lost around 0.7% and 2%, respectively. The Dow was the outlier of the three, adding nearly 164 points, or about 0.5%, for a nine-day rally — its longest since 2017 — and its highest close since March 2022.
“The mixed broader indices are really reflective of the mixed earnings and economic data that’s come out,” said Greg Bassuk, CEO at AXS Investments. “Beyond Dow components, we’re seeing — across industries — more selling pressure based on these earnings results.”
The Dow and S&P 500 are on pace to finish the week up about 2.1% and 0.7%, while the Nasdaq is poised to end 0.4% lower with just Friday’s session remaining.
