Current stock market news updates: 21 October 2022
U.S. stock futures pointed to a third day of losses for Wall Street as investors analyzed a mix of corporate results and watched bond yields inexorably move higher.
Futures on the S&P 500 (^GSPC) fell 0.6%, while futures tied to the Dow Jones Industrial Average (^DJI) shed 130 points, or 0.4%. Contracts on the technology-heavy Nasdaq Composite (^IXIC) fell 1%. Treasuries saw significant moves again, with the benchmark 10-year note rising beyond a new 2008 high of 4.2%.
Despite the past two down days, stocks are poised to end the week higher after a rally on Monday and Tuesday gave all three major averages a boost and helped the S&P 500 gain 4% before the index lost momentum. The S&P 500 was up 3.1[ads1]% for October at Thursday’s close — a respite for investors after September’s 9.3% loss.
“We’re closer to the end than we are to the beginning, and the more bear market rallies we see, the fewer are left before we finally flush it all out,” SoFi’s head of investment strategy Liz Young said in a note. “Still more things to check off the list, but if or when earnings crack and just before economic data falls into contractionary conditions is when you start pouncing on market opportunities — it could be right around the corner.”
The third-quarter earnings season has so far held up better than many analysts expected, with beats from companies like Netflix ( NFLX ), AT&T ( T ) and IBM ( IBM ) offset by big misses from names like Snap ( SNAP ), which fell as much as 25% in premarket trading Friday after disappointing Wall Street with its results.
The social media platform reported a fifth straight quarterly slowdown, along with weak profits and a warning that sales trends in the current three-month period could worsen.
“It is difficult to analyze how many of Snap’s problems are transitory,” Jefferies analyst Brent Thill said in a note. “The weakened macro backdrop is partly to blame for soft results, but we question how much is due to the iOS privacy issues and competitive threats.”
Snap’s decline also extended to other social media and tech peers Friday morning, with shares of Meta ( META ) down 3.8% and Twitter ( TWTR ) down nearly 8%.
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Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
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