Payne Capital Management President Ryan Payne discusses the markets and economy.
U.S. equity futures traded choppy Wednesday morning, following Tuesday’s rally led by technology stocks.
The major futures indexes were mostly lower.
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Oil prices gained Wednesday morning, rebounding from sharp losses in the previous session.
U.S. crude rose $1.21, or 1.2%, to $103.77. Brent futures rose $1.20, or 1.1%, to $108.45 a barrel.
An oil rig drilling a well at sunrise, owned by Parsley Energy Inc. near Midland, Texas (REUTERS/Ernest Scheyder / Reuters Photos)
The Energy Information Administration (EIA) will release its weekly data later Wednesday morning.
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Netflix fell 25% in remarket trading after the video streaming giant reported its first loss in worldwide subscribers in its history. The company’s customer base fell by 200,000 subscribers during the January-March period, according to its quarterly earnings report released Tuesday. Netflix said it expects to lose another 2 million subscribers in April-June.
Investors will have a slew of earnings reports to examine that could drive the trading session.
Traders work on the floor of the New York Stock Exchange (NYSE) in New York City. (REUTERS/Brendan McDermid / Reuters Photos)
In the morning, Anthem, Procter & Gamble and Abbott Labs will be among the highlights.
In the afternoon, the focus will be on Tesla. The EV maker and renewable energy powerhouse is expected to say first-quarter EPS more than doubled to $2.26 on a 71% surge in revenue to $17.80 billion.
Other companies reporting include United Airlines, Tenet Healthcare and chip equipment maker Lam Research.
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On the economic docket, The National Association of Realtors is expected to say that sales of previously owned homes fell 3.7% to a seasonally adjusted annual rate of 5.8 million units.
Asian markets closed mixed. Tokyo’s Nikkei 225 index gained 0.8%, the Hang Seng index in Hong Kong declined 0.4% and China’s Shanghai Composite index fell 1.4%.
Bitcoin traded around $41,000.
On Tuesday, stocks overcame a weak start to finish broadly higher, giving the major indexes on Wall Street their best day in nearly five weeks.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 34911.2 | +499.51 | +1.45% |
| SP500 | S&P 500 | 4462.21 | +70.52 | +1.61% |
| I:COMP | NASDAQ COMPOSITE INDEX | 13619.656518 | +287.30 | +2.15% |
The S&P 500 rose 1.6% to 4,462.21 and the Dow Jones Industrial Average rose 1.5%, to 34,911.20. The tech-heavy Nasdaq shook off an early loss and added 2.2%, closing at 13,619.66.
The yield on the 10-year Treasury note is at 2.92%.
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The conflict in Ukraine has added to those price pressures. The International Monetary Fund on Tuesday downgraded the outlook for the world economy this year and next, blaming Russia’s war in Ukraine for disrupting global commerce, pushing up oil prices, threatening food supplies and increasing uncertainty already heightened by the coronavirus and its variants.
The Associated Press contributed to this report.
