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Dow futures rise slightly as investors digest corporate earnings

Markets are pointing to a lower open as Treasury yields remain high

Stock futures were mixed on Thursday as traders weighed several key earnings reports.

Dow Jones Industrial Average futures rose 93 points, or 0.3%. S&P 500 futures rose 0.1%, and Nasdaq 100 futures fell 0.1%.

Several strong earnings reports bolstered the market, with AT&T, American Airlines and IBM all moving higher in premarket trading after beating top- and bottom-line estimates for their latest quarter.

On the downside, Tesla shares fell 4% in premarket trading after the electric car maker said Wednesday night it expects to miss its 2022 delivery target. The company also posted quarterly revenue that missed analysts’ expectations.

Meanwhile, the benchmark 10-year Treasury yield hit a high of 4.18% on Thursday, briefly trading at levels not seen since 2008. It was last flat for the session near 4.13%. Rising interest rates have been a headwind for stocks all year, as the Federal Reserve continues to try to cool inflationary pressures not seen in decades.

Thursday’s rise in returns helped end a two-day winning streak for stocks, with the Nasdaq Composite falling 0.85%. The Dow fell 99.99 points, or 0.33%, and the S&P 500 fell 0.67%.

“Despite the recent market volatility, the central bank’s tightening of expectations has only increased as inflation
readings around the world have continued to come in hot. Although it will surely be more big up &
down days ahead, our medium-term bearish base case remains unchanged,” Wolfe Research’s Chris Senyek said in a note to clients.

On the economic front, the Philadelphia Fed’s manufacturing survey and weekly jobless claims data are expected on Thursday before the clock.

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