Stock futures rise slightly ahead of key inflation data
U.S. stock futures were slightly higher on Wednesday night ahead of key inflation data due Thursday morning.
Dow Jones Industrial Average futures rose 79 points, or 0.2%. S&P 500 futures added 0.07% and Nasdaq 100 futures gained 0.09%.
Shares of Disney jumped 8% after hours after the company reported a quarterly earnings beat and a doubling of revenue from its parks, experiences and consumer products division. Uber gained 5% in extended trading after reporting a revenue beat and a bounce back from omicron-induced challenges.
In regular trading, Nasdaq Composite jumped for a second day as tech shares led the market higher and helped it recover some losses from the January sell-off, which was also led by tech names. The Nasdaq jumped 2.08% and the S&P 500 gained 1.5%, while the Dow Jones Industrial Average rose 305.28 points, or 0.86%.
Early pandemic winners of 2022, including Shopify and Etsy, as well as stay-at-home stocks like DocuSign and Zoom, were some of the biggest winners Wednesday.
«The market seems to have found a more constructive tone in the tug of war between trepidation over the Fed and the better fundamentals that we've seen in both earnings and the economic data,» said Art Hogan, chief market strategist at National Securities. «Having Disney do better than Netflix after its earnings report certainly seems to be a positive.»
Last month Netflix reported disappointing quarterly earnings, which added to investors skittishness towards tech stocks and the volatility in trading that followed.
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