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Stock futures rise as investors look past disappointing tech earnings, Meta shares say

Traders on the floor of the NYSE, September 13, 2022.

Source: NYSE

Stock futures rose in overnight trading on Wednesday as investors appeared to brush off disappointing results from Meta platforms.

Shares of the Facebook parent company fell 18% in extended trading after a weak forecast for the fourth quarter. Service Now shares, meanwhile, rose more than 10% after an earnings call.

Futures linked to the Nasdaq 100 traded 0.13% higher, while S&P 500 futures rose 0.21%. Futures tied to the Dow Jones Industrial Average rose 112 points, or 0.35%.

Stocks were mixed in Wednesday’s regular session as traders digested disappointing quarterly reports from Alphabet and Microsoft and weighed what it means for future rate hikes and economic growth at the Federal Reserve.

Both the Nasdaq Composite and the S&P 500 snapped three-day winning streaks, closing 2.04% and 0.74% lower, respectively. The Dow Jones Industrial Average finished marginally higher, gaining 2.37 points to 31,839.11 and ending its fourth consecutive positive session since September.

For the week, all the major averages remain in positive territory, with the Dow and S&P up more than 2% and the Nasdaq about 1% higher. The Dow is on pace for its fourth consecutive positive week since the five-week streak ended in November 2021.

“Investors are still struggling with direction and want clarity on earnings and what the Fed will do going forward,” said Adam Sarhan, managing director of 50 Park Investments. “Remember that the market is a forward-looking mechanism and the earnings reports tell us what has happened in the past. Investors want clarity and certainty. Right now we still have a lot of uncertainty on several levels.”

Big tech earnings continue Thursday with results from Amazon and Apple. Income from Intel, McDonald’s, Merck and Caterpillar is also on deck.

Along with earnings, investors are eyeing an advanced third-quarter gross domestic product reading that is expected to provide further clues about the state of the US economy.

Weekly initial jobless claims and September durable goods are also scheduled for Thursday.

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