Stock futures rose Wednesday night as investors eagerly awaited more corporate earnings reports and key labor data later in the week.
Dow Jones Industrial Average futures saw an increase of 80 points, or 0.2%, while S&P 500 futures and Nasdaq 100 futures both climbed about 0.3%.
In after-hours trading, chipmaker Qualcomm saw a more than 3% increase in its stock price after reporting better-than-expected adjusted earnings and strong revenue guidance. However, restaurant delivery service DoorDash experienced a 15% drop after reporting a wider loss per share than anticipated by Wall Street.
The day on Wall Street was marked by volatility as investors reacted to the Federal Reserve’s decision to keep interest rates unchanged. Fed Chair Jerome Powell indicated that an interest rate hike is not on the horizon, despite concerns about inflation.
Although all three major stock indexes saw gains of over 1% at their highs, they closed the session with more modest increases. The Dow finished 0.2% higher, while the S&P 500 and Nasdaq Composite closed lower by around 0.3%.
Eric Winograd, director of developed market economic research at AllianceBernstein, noted that Powell’s comments should provide some reassurance to financial markets. However, the timing of any potential interest rate cuts remains uncertain.
Investors will be closely monitoring Thursday’s economic data releases, including weekly jobless claims, first-quarter worker productivity and unit labor costs, as well as March data on the trade deficit and factory orders. These reports precede Friday’s highly anticipated April jobs report.
Thursday’s earnings reports will be dominated by Apple and Amgen after the market closes, with Coinbase and DraftKings also reporting. Before the market opens, Moderna and Peloton are scheduled to release their quarterly results.
