Traders on the floor of the NYSE June 29, 2023.
Source: NYSE
Stock futures were near flat Thursday night after the Dow Jones Industrial Average wrapped up a ninth day of wins.
Futures tied to the Dow added 16 points, trading close to the flat line. S&P 500 futures were little changed, and Nasdaq 100 futures ticked down 0.1%.
Transportation stocks CSX and Knight-Swift fell 4% and 3%, respectively, in extended trading after reporting earnings that underwhelmed Wall Street analysts.
Those are the latest reports in what’s been a generally strong earnings season thus far, with 73% of S&P 500 companies that have already reported exceeding analysts’ expectations, according to FactSet data.
The moves in extended trading follow a mixed session on Wall Street. The S&P 500 and Nasdaq Composite lost around 0.7% and 2%, respectively. The Dow was the outlier of the three, adding nearly 164 points, or about 0.5%, for a nine-day rally — its longest since 2017 — and its highest close since March 2022.
The 30-stock Dow was boosted during Thursday’s regular trading by a strong report from Johnson & Johnson. But slides in Netflix and Tesla shares a day after the companies posted their results weighed on the other two indexes in the session.
“The mixed broader indices are really reflective of the mixed earnings and economic data that’s come out,” said Greg Bassuk, CEO at AXS Investments. “Beyond Dow components, we’re seeing — across industries — more selling pressure based on these earnings results.”
The Dow and S&P 500 are on pace to finish the week up about 2.1% and 0.7%, while the Nasdaq is poised to end 0.4% lower with just Friday’s session remaining.
