Stock futures rose on Wednesday as investors analyzed the latest batch of corporate earnings following a losing session on Wall Street. Futures linked to the S&P 500 were up 0.1%, and Dow Jones Industrial Average futures traded 118 points higher, or 0.3%. Nasdaq 100 futures ticked higher about 0.1%. Among the outperformers, McDonald’s jumped 3% after the fast-food restaurant saw its second-quarter results beat the Street’s estimates on the top and bottom lines. Same-store sales for the quarter also marked the chain’s largest gain in almost two years. Arista Networks also rallied 11% on a stronger-than-expected report. On the flip side, Snap shares tumbled 18% after revenue came in slightly below expectations, while AMD fell about 6% after posting adjusted earnings per share that missed estimates. Those moves follow a losing day on Wall Street, marking the S&P 500′s fifth down day of the last six and the Dow’s sixth negative session of the past seven. Tech stocks lagged in Tuesday’s session, with the Nasdaq Composite sliding nearly 0.7%. Small caps were able to buck the market downtrend, with the Russell 2000 climbing 0.6%. “We just need some digestion,” said Keith Lerner, co-chief investment officer at Truist Wealth, on CNBC’s “Closing Bell.” “Markets don’t move in a straight line. … But, overall, I still think the underlying trend is positive.” The 10-year Treasury yield rose ahead of $67 billion in bond auctions by the Treasury department this week. The benchmark 10-year note yield was up more than 3 basis points at 4.228%, while the 30-year Treasury bond yield climbed more than 3 basis points to 4.807%. The Treasury department is expected to sell $42 billion of 10-year notes on Wednesday afternoon, as well as $25 billion of 30-year bonds on Thursday. Oil prices climbed on Wednesday, rebounding from a five-week low in the previous day, on concerns of supply disruptions after U.S. President Donald Trump’s threats of tariffs on India over its Russian crude purchases. Brent crude futures rose $1.03, or 1.5%, to $68.67 a barrel while U.S. West Texas Intermediate crude was at $66.21 a barrel, up $1.06, or 1.6%. Both contracts fell by more than $1 on Tuesday to settle at their lowest in five weeks, marking a fourth session of losses, on oversupply concerns from OPEC+’s planned September output hike. Gold prices eased on Wednesday as U.S. Treasury yields inched higher, while investors stayed cautious ahead of President Donald Trump’s upcoming decisions on Federal Reserve appointments. Spot gold was down 0.4% at $3,366.81 per ounce, as of 0904 GMT, after hitting a nearly two-week high on Tuesday. U.S. gold futures fell by 0.4% to $3,420.90. Yields on benchmark 10-year Treasuries rose after four straight days of declines, reducing the appeal of non-yielding bullion.
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