S&P 500 futures rise, helped by Nike and FedEx earnings

Stock futures were higher on Tuesday evening.

Futures tied to the Dow Jones Industrial Average gained 124 points, or 0.4%. S&P 500 futures rose 0.3%, and Nasdaq 100 futures rose 0.4%.

Investors digested earnings from Nike and FedEx that sent both companies higher in after-hours trading.

Nike shares rose 12% after the apparel maker beat Wall Street expectations for quarterly results and revenue. Meanwhile, FedEx rose 3% as the package delivery giant beat consensus estimates for earnings per share. However, the company did not live up to revenue expectations.

During the regular session, the Dow rose more than 92 points, or nearly 0.3%. The S&P 500 rose 0.1% and the Nasdaq Composite gained a small 0.01%. All three major indexes snapped a four-day losing streak, putting some wind back into hopes of a year-end rally.

The modest gains came even after the Bank of Japan moved to extend the cap on the 10-year Japanese government bond yield, prompting a rise in the 10-year U.S. Treasury yield that initially rattled traders.

“Let’s focus on the positives… From a fundamental perspective, the market took a pretty good hit and bounced back,” Joe Terranova of Virtus Investment Partners said on CNBC’s “Closing Bell: Overtime” on Tuesday.

There is a “tremendous amount of resilience” in the market, he added, and said that should be investors’ focus into 2023.

Investors await another batch of data due Wednesday morning, starting with the Mortgage Bankers Association’s weekly measure of nationwide mortgage applications. Traders will also get updates on existing home sales and consumer confidence data.

There are a few more big names left to report earnings before the Christmas break. RiteAid and Cintas will report before noon Wednesday. Micron will report after the bell.

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