Stock futures edged larger in in a single day buying and selling on Wednesday after the S&P 500 and the Dow Jones Industrial Average slipped from their record highs.
Dow futures rose 50 factors. S&P 500 futures and Nasdaq 100 futures each traded 0.1% larger.
Investors awaited the primary estimate for third-quarter annualized gross home product development from the Commerce Department. Economists polled by Dow Jones anticipated an elevated of simply 2.8% as merchandise remained stranded at usually bustling ports, employers struggled to seek out employees and customers battled with inflation.
On Wednesday, the S&P 500 slipped 0.5% for its first down day in three because the rally on a robust earnings season began to ease. The blue-chip Dow dipped greater than 250 factors, falling for the primary time in 4 days.
Major averages has been marching larger on earnings momentum this month. The S&P 500 has gained 5.6% in October, on tempo to submit its finest month since November 2020. The Dow is up 4.9% this month, whereas the tech-heavy Nasdaq Composite has rallied 5.5%.
Nearly 40% S&P 500 companied have reported earnings and greater than 80% of them beat Wall Street expectations, in accordance with CNBC calculations. S&P 500 corporations are anticipated to develop revenue by about 37.6% within the third quarter.
“Earnings have helped and a reminder that US reporting so far has been better than the long-term average in terms of beats,” Jim Reid, head of thematic analysis at Deutsche Bank, mentioned in a be aware. “It has still been healthier relative to some of the stagflationary gloom stories seen through September and early October which has perhaps helped the relief rally.”
