Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, July 19, 2023.
Brendan McDermid | Reuters
U.S. stock futures were mixed Thursday as trader weighed the latest batch of corporate earnings reports, including mixed results from Netflix.
Nasdaq-100 futures dipped 0.7%. S&P 500 futures slipped 0.2%, while Dow Jones Industrial Average futures gained 39 points, or 0.1%.
Shares of Netflix dropped 6.8% after the streaming giant posted its second-quarter earnings report. The company posted $8.19 billion in revenue, falling short of the $8.3 billion anticipated by analysts, according to Refinitiv.
Tesla, meanwhile, tumbled 4.1% after CEO Elon Musk and other executives said on an earnings call that vehicle production would slow during the third quarter due to shutdowns for factory improvements.
Johnson & Johnson posted earnings per share and revenue that exceeded analyst expectations. The company also hiked its full-year outlook. Shares rose more than 1% in the premarket.
Travelers, American Airlines and Blackstone are also set to report later in the day. Of the S&P 500 companies that have reported earnings thus far, 77% have exceeded expectations, FactSet data shows. The strength in corporate earnings have created optimism for a soft landing for the economy.
Stocks are coming off a positive session, with the Dow posting an eight-day winning streak, its longest since September 2019.
“Investors are saying loud and clear that they expect the current stock market rally to continue,” said Tom De Luca, senior researcher at Vanguard. “Right now, short-term optimism is higher than we’ve seen since December 2021, right before the start of the 2022 bear market.”
Wall Street will also be keeping an eye on the weekly jobless claims numbers and existing home sales data.