MBLY - Nasdaq S&P 500 Futures Unfazed By Tesla Disappointment As Focus Shifts To Q4 GDP Earnings: Analyst Sees Hope In This Bullish Indicator | Benzinga
U.S. stock futures held steady on Thursday despite a disappointing earnings print from Tesla, Inc. (NASDAQ:TSLA), which accounts for a 2.2% weighting in the S&P 500 Index. Earnings news remains mixed, potentially resulting in offsetting impacts. The focus shifts to preliminary fourth-quarter GDP data before the market opens and the European Central Bank’s rate decision, with traders anticipating the central bank to maintain its current stance.
Cues From Wednesday's Trading:
U.S. stocks closed with a mixed performance on Wednesday, as the Dow Industrials moved further away from its all-time highs, while the S&P 500 marked its fourth consecutive all-time closing high. The varied sentiment unfolded as traders absorbed a positive quarterly report from Netflix, Inc. (NASDAQ:NFLX) and better-than-expected private sector activity data. The subdued sentiment might be attributed to concerns ahead of key economic data scheduled for release on Thursday and Friday.
Strength in the communication services sector, led by Netflix, along with gains in energy stocks, helped offset weakness in utility, real estate, material, consumer staples, and financial stocks.
US Index Performance On Wednesday
Index Performance (+/-) Value
Nasdaq Composite +0.36% 15,481.92
S&P 500 +0.08% 4,868.55
Dow Industrials -0.26% 37,806.39
Russell 2000 -0.73% 1,961.87
Analyst Color:
A Morgan Stanley analyst cautioned about going overboard over the recent market rally. “The S&P 500 Index well over the popular threshold for a bull run of a 20% gain from a trough… however, the index only recently finished recouping its bear-market losses and today sits just slightly above its January 2022 peak,” said analyst Lisa Shalett.
“With potential economic threats remaining and market uncertainties looming in 2024, investors may still ...