US stock futures traded higher on Wednesday as Wall Street tried to build on a sharp rally from the previous session and traders applauded Netflix’s strong quarterly results.
The Dow Jones Industrial Average futures rose 54 points, or 0.2%. S&P 500 and Nasdaq 100 futures rose 0.2% and 0.4%, respectively.
Netflix Over 7% rise in after-hours trading after saying it only lost 970,000 customers in the second quarter, less than the 2 million he had previously estimated. The streaming giant’s earnings per share was also above analyst expectations.
Biogen and Baker Hughes are among the companies due to report later in the morning. Tesla and United Airlines are set to post their latest quarterly results after the shutdown.
About 10% of the S&P 500 companies have reported earnings so far. According to FactSet, about 69% of those companies have exceeded analysts’ expectations. Investors looked forward to this earnings season as they looked for clues about how companies were faring with inflation at levels not seen in 40 years.
The market was coming out of a strong session, with the Dow gaining over 700 points on Tuesday. The S&P 500 and Nasdaq rose 2.8% and 3.1%.
Tim Seymour, founder and chief investment officer of Seymour Asset Management, said on CNBC’s “Fast” “It was a broad rally today and some of it is just lower dollars, lower commodity prices, better reopening dynamics — and we Saw it across the board.” Money “Tuesday.
The three benchmarks also closed above their respective 50-day moving averages for the first time since April, as traders bet that the market has bottomed out.
Bank of America’s latest survey of professional investors showed that deteriorating investor sentiment has established a potential market shopping opportunity, The US dollar, which recently hit a 20-year high against the euro, softened, giving further steam to the rally.