In the Balance: U.S. Stock Futures Hold Steady Amid Key Earnings Announcements -

In the Balance: U.S. Stock Futures Hold Steady Amid Key Earnings Announcements

June 7, 2023

Tuesday’s evening saw U.S. stock futures holding their ground in trading, succeeding in a prosperous session where key benchmark averages posted gains. Notably, the S&P 500 approached its 10-month high.

As of 7:10pm ET (11:10pm GMT), Dow Jones Futures, S&P 500 Futures, and Nasdaq 100 Futures each fluctuated within a narrow 0.1% range, reflecting the overall stability of the day’s trade.

Focus on Earnings: After-Hours Company Reports

In the after-hours trading session, Stitch Fix (NASDAQ:SFIX) reported a 5.2% increase. The company reported losses of $0.19 per share, surpassing the expected loss of $0.31 per share, with revenue reported at $394.9 million, beating the anticipated $388.74 million.

However, not all companies shared the same fate. Caseys General Stores Inc (NASDAQ:CASY) experienced a 4.5% decrease after it reported an EPS of $1.49, falling short of the expected $1.56, despite its revenues of $3.33 billion significantly outperforming the forecasted $1.38 billion.

In a positive turn, Dave & Buster’s Entertainment (NASDAQ:PLAY) rose 3.2% after it reported an EPS of $1.45, exceeding the anticipated $1.27, although its revenues of $597.3 million fell slightly short of the expected $604.54 million.

Looking Ahead: Anticipated Trade Data and Earnings Reports

Moving into Wednesday’s trading, investors are set to focus on trade balance data. Several companies, including Group Ltd ADR (NASDAQ:TCOM), Campbell Soup Company (NYSE:CPB), GameStop Corp (NYSE:GME), Smartsheet Inc (NYSE:SMAR), and Hashicorp Inc (NASDAQ:HCP), are slated to announce their quarterly results.

Recapping the Day: Market Closing Figures and Bond Rates

Looking back at Tuesday’s regular trading, the Dow Jones Industrial Average closed with little change at 33,573.3. The S&P 500 rose by 10.1 points or 0.2% to 4,283.9, and the NASDAQ Composite increased by 47 points or 0.4% to end at 13,276.4.

In the bond markets, the United States 10-Year rates stood at 3.677%.

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