Thursday, December 1 2022

U.S. stocks could languish for a third straight session on Friday, as early trading in index futures showed. Earnings news continues to be mixed and uncertainty surrounding the economic outlook could also weigh on sentiment.

Stocks opened lower on Thursday but rallied in early trading and turned positive as traders digested mixed earnings and economic data on jobs, manufacturing and the housing market. The aggressive rhetoric from the Fed and the continued rise in bond yields generated selling pressure, pushing the indices back into negative territory by mid-session.

Averages traded at depressed levels for the rest of the session before ending moderately lower.

Performance of US indices on Thursday
Index Performance (+/-) Assess
Nasdaq Compound -0.61% 10,614.84
S&P 500 Index -0.80% 3,665.78
Dow Industrials -0.30% 30,333.59

Here is an overview of index futures trading:

Performance of US futures on Friday during the pre-market session
Index Performance (+/-)
Nasdaq 100 Futures Contracts -0.85%
S&P 500 Futures Contracts -0.55%
Dow Futures Contracts -0.40%
R2K Futures -0.32%

In pre-market trading on Friday, the SPDR S&P 500 ETF Trust TO SPY fell 0.45% to $363.78 and Invesco QQQ Trust QQQ fell 0.8% to $266.95, according to Benzinga Pro data.

On the economic front, Federal Open Market Committee member and New York Fed President John Williams is scheduled to speak at 9:10 a.m. EDT.

See also: Snap Inc Reports Third Quarter Revenue, EPS Beat, Announces Share Buyback, But Stock Plunges Over It

Targeted actions:

  • Snap, Inc. INSTANTANEOUS shares plunged after reporting anemic revenue growth in the third quarter. Other Social Media Companies Meta Platforms, Inc. META, Pinterest, Inc. PINS and Twitter, Inc. TWTR moved with sympathy.
  • Tesla, Inc. TSLA fell nearly 1%, extending losses from the previous session.

American Express Co. AXP, Verizon Communications, Inc. VZ and Schlumberger LimitedSLB are among the reporting companies before the opening of the market.

Large Cap Pre-Market Movers:

  • Rail operator CSX Corp. CSX increased by more than 3.20% in before marketing in reaction to its third quarter results released after the close.
  • British American Tobacco plc. PSTN fell more than 2.6%.
  • UBS Group AG UBS fell more than 2%.

Commodities, global stock markets:

After ending Thursday’s session little changed, crude oil futures fell slightly. Black gold held above the $84/barrel level in the last check.

Asia-Pacific stocks fell further on Friday, following Wall Street’s lackluster close overnight. Chinese stocks ended mixed and the Indonesian, Malaysian and Indian markets ended slightly to moderately higher.

Major European averages fell notably in early trading as markets across the region reacted to rising bond yields, weak regional economic data and some negative domestic earnings reports.

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