Futures tied to the Dow Jones Industrial Average and S&P 500 rose slightly Thursday, as Wall Street tried to rebound from a long string of weekly declines.
Dow futures rose 141 points, or 0.6%. S&P 500 climbed 0.6%. Nasdaq advanced 0.3%.
The Dow has fallen the last eight weeks, while the S&P 500 and Nasdaq are riding seven-week losing streaks.
However, the market seems to have somewhat regained its footing this week, as investors hope inflation is starting to peak and that there’s good value to be found at these levels. The Dow and S&P 500 are up 2.75% and 2%, respectively, for the week. The Nasdaq is also up 0.7%.
The Dow has also posted gains in the last four sessions.
The move in futures comes after strong earnings from the retail sector. Macy’s shares surged 15% in premarket trading after the company raised its 2022 profit outlook, and Williams-Sonoma rose 8.3% after beating estimates on the top and bottom lines.
Discount retailers Dollar Tree and Dollar General jumped 12% and 10%, respectively, after posting earnings beats.
On the flipside, shares of chipmaker Nvidia dropped 5.6% in the premarket after the company delivered weaker-than-expected guidance for the second quarter. The company’s CFO said Nvidia would slow hiring.
Similarly, software stock Snowflake tumbled 14% after the company’s guidance for operating margin came in narrower than expected.
Though first-quarter earnings for the market as a whole have been largely in line with historical trends, there have been dramatic pullbacks for some major stocks after earnings reports as investors look for the impact of inflation and slowing economic growth.
“If there’s any reason to sell, they’re embracing it,” said Jeremy Gonsalves, national director of portfolio management at BNY Mellon Wealth Management.
Stocks rose Wednesday, with the Nasdaq gaining 1.5% to lead the way. The S&P 500 added 0.9%, while the Dow gained 0.6%.
Investors will get an updated look at weekly jobless claims and a second read on first-quarter GDP. Data on pending home sales will follow later in the morning.
