Stock Market Edges Near Flatline after Dow’s Record-Breaking Streak
Market Snapshot
U.S. stock futures traded sideways on Wednesday evening, signaling a potential pause in the Dow Jones Industrial Average’s six-day winning streak. Dow futures inched up slightly, while S&P 500 futures remained largely unchanged. Nasdaq 100 futures dipped marginally by 0.1%.
After-Hours Moves
- Airbnb: Shares plunged over 8% after disappointing guidance overshadowed its impressive first-quarter earnings beat.
- Robinhood: Stock surged nearly 6% following a first-quarter earnings and revenue outperformance.
Market Pulse: Digesting Earnings, Anticipating Jobless Claims
During Wednesday’s regular trading session, the S&P 500 retreated slightly, while the Nasdaq Composite shed around 0.2%. Declining tech stocks, such as Uber and Shopify, weighed on the indices.
Despite the Nasdaq’s dip, the Dow emerged as the outperformer, gaining over 170 points.
“We’re likely just retracing some of the initial excitement we had at the start of the year,” said Josh Brown, CEO of Ritholtz Wealth Management. “April was the weakest month we’ve seen in a while, foreshadowing some of the reactions we’re now seeing after earnings.”
Investors’ focus now shifts to the upcoming quarterly earnings reports from Warner Bros Discovery and Akamai Technologies on Thursday.
On the economic front, weekly jobless claims data is expected to be released on Thursday morning.
