S&P 500 futures dipped Thursday after a batch of mixed corporate earnings from companies. Tesla shares boosted Nasdaq 100 futures.
Futures tied to the Dow Jones Industrial Average shed 117 points, or 0.37%. S&P 500 futures ticked down 0.23%, while Nasdaq 100 futures gained 0.01%.
The moves come as Wall Street is enjoying a July rebound. All three major averages hit their highest levels in more than a month during Wednesday’s session, with the S&P 500 reaching its best closing level since June 9.
Tesla shares were choppy after the automaker reported stronger-than-expected earnings but shrinking automotive gross margins. As of 7:54 a.m. ET, the stock was up 2.6%.
American Airlines beat revenue expectations in the second quarter, and forecasted a profit in the third quarter, as consumers continue to travel even with higher prices. Shares fell more than 2% in premarket trading.
United Airlines reported that it returned to profitability during the second quarter, but results came in below expectations. The stock fell more than 6% in premarket trading.
Meanwhile, shares of Alcoa and CSX jumped in the premarket after the companies beat expectations.
Roughly 13% of S&P 500 have reported earnings for the second quarter. Of those companies, about two-thirds have beaten expectations, according to FactSet.
The Nasdaq Composite jumped nearly 1.6% on Wednesday, its fourth positive session in five. The tech-heavy index is up about 3.9% for the week.
Meanwhile, the Dow and S&P 500 each rose for the third day in four. The blue-chip index is up nearly 1.9% for the week, while the S&P 500 has gained 2.5% thus far.
“The bulls seem to be coming back into the market now. We’ve seen pretty sharp rallies in tech, crypto and other risk assets over the past few days,” said Callie Cox, U.S. investment analyst at eToro. “Which is notable to us, because in an economy with some pretty notable weakness in it, you’d expect to be seeing other parts of the market performing well. But the animal spirits are back, at least for now.”
In other corporate news, shares of Carnival dropped more than 10% after the cruise company announced that it was selling an additional $1 billion of stock.
On the data front, investors will also be watching initial jobless claims data, which has been trending upward in recent weeks.
