U.S. stock futures were little changed Wednesday after the S&P 500 and Nasdaq Composite notched their longest winning streaks in about two years. Futures tied to Dow Jones Industrial Average and S&P 500 added 0.1% each. Nasdaq-100 futures also rose 0.1%. Shares of Rivian popped more than 8% before bell on better-than-expected results and production guidance, while Array Technologies tumbled 11.8% on weak full-year guidance for earnings and revenue. Spirit AeroSystems, a Boeing supplier, lost 14% after announcing a plan to raise capital through stock and note offerings. Earlier in the day, the S&P 500 added 0.3% to clinch its seventh straight positive session. The Nasdaq Composite advanced 0.9% to post its eighth straight day of gains. Tuesday marked the longest stretch of positive days since November 2021 for both indexes. The 30-stock Dow climbed nearly 0.2%, marking a seventh winning day. These gains come after about 80% of S&P 500 companies have beaten earnings estimates this season, while slowing demand means that only 59% have also topped revenue expectations. The last time this differential was this wide was during the fourth quarter of 2015, according to LSEG. “All the big tech stocks have already reported; we kind of know where everybody is at this point. So there really shouldn’t be too many surprises at this point,” said Ken Mahoney, the CEO of Mahoney Asset Management. These ongoing equity gains, led by big-cap technology stocks and combined with muted central bank action could set the market up nicely into 2024, Mahoney added. He’s optimistic that the economy could be in a “Goldilocks environment where it’s not too hot to have the Fed raise rates and not too cold,” either. “I think that we can have a year-end rally against performance anxiety, and the leader still to be maintained in Apple, Microsoft, Google or other top names,” he said. MGM Resorts, Walt Disney, and Take-Two Interactive are all set to report earnings after Wednesday’s closing bell. Investors will also watch out for September’s wholesale inventories data. U.S. stock futures were little changed Wednesday after the S&P 500 and Nasdaq Composite notched their longest winning streaks in about two years. Futures tied to Dow Jones Industrial Average and S&P 500 added 0.1% each. Nasdaq-100 futures also rose 0.1%. U.S. Treasury yields were little changed Wednesday as investors considered the path ahead for monetary policy as they looked to comments from Federal Reserve officials. The 10-year Treasury was little changed at 4.567%. The 2-year Treasury yield added more than a basis point to 4.93%. Most Asia-Pacific markets fell in choppy trading on Wednesday, with South Korea’s benchmark index wiping out more than half the gains made earlier this week, while investors digested a positive business sentiment survey from Japan. South Korea’s Kospi dropped 3.24% in the two sessions since Monday when it had gained over 5% after the country re-imposed a ban on short selling. In South Korea, the Kospi closed down 0.91% to end at the 2,421.62 level. The Kosdaq slipped 1.62% to 811.02. Japan’s Nikkei 225 ended 0.33% lower at 32,166.48, while the Topix fell 1.16% to close at 2,305.95. Australia’s S&P/ASX 200 closed 0.26% higher at 6,995.40. Hong Kong’s Hang Seng index ended 0.58% at 17,568.46 while China’s CSI 300 index slipped 0.24% to close at 3,611.07. Oil prices remained under pressure on Wednesday after sliding to their lowest in more than three months in the previous session, slipping further on concern over waning demand in the United States and China. Brent crude futures dipped 54 cents to $81.07 a barrel, while U.S. crude lost 56 cents to $76.81. Both had dropped on Tuesday to their lowest since July 24. Gold fell for a third straight session on Wednesday, with markets focusing on Federal Reserve Chair Jerome Powell’s remarks, while auto-catalyst palladium extended its retreat to a five-year low. Spot gold was down 0.3% at $1,961.70 per ounce by 1227 GMT. U.S. gold futures slipped 0.2% to $1,968.80. Silver dropped 0.9% to $22.41.
Roodeweg 222, Willemstad, Curaçao