U.S. futures flat after record runs for S&P 500 and Nasdaq
Stock futures did not move significantly on Tuesday night, following a day during which the S&P 500 and Nasdaq Composite marked their longest winning streaks in approximately two years.
Futures connected to the S&P 500 and Nasdaq 100 wavered near the flat line, while Dow Jones Industrial Average futures increased slightly.
The S&P 500 and Nasdaq Composite futures’ momentum comes after 80% of S&P 500 companies exceeded earnings estimates this season. However, only 59% have also surpassed revenue expectations, indicating a wide differential not seen since the fourth quarter of 2015.
Ken Mahoney, CEO of Mahoney Asset Management, stated that most big tech stocks have already reported and believes there shouldn’t be many surprises. The ongoing equity gains driven by major tech stocks, combined with mellowed central bank action, could bode well for the market into 2024, Mahoney added. He remains optimistic that the economy could be in a “Goldilocks environment,” with a potential year-end rally.
Looking ahead, MGM Resorts, Walt Disney, and Take-Two Interactive are poised to report earnings after Wednesday’s closing bell. Additionally, investors will keep an eye on September’s wholesale inventories data.
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