U.S. stock futures were higher Wednesday after the Dow Jones Industrial Average notched its longest winning streak since 2021. S&P 500 futures and Nasdaq-100 futures gained 0.02% and 0.2%. Dow Jones Industrial Average futures were flat. Traders continue to eye more corporate earnings this week. Goldman Sachs reported a miss on adjusted earnings per share and a beat on revenue Wednesday, tied to losses in real estate as well as GreenSky. Goldman had previously warned investors that the quarter would likely yield lackluster results. Shares slipped 1.5% in premarket trading. Carvana shares climbed more than 27% after securing a deal to reduce roughly $1.2 billion in debt. The online auto retailer said Tuesday it will post second-quarter earnings results on Wednesday, moving the date of its report up from Aug. 3. The Dow notched a seventh straight positive session on Tuesday for its longest string of gains since March 2021. The Dow rose 366.58 points, or 1.06%. The S&P 500 gained 0.71%, while the Nasdaq Composite climbed 0.76%. All three major averages notched their highest closes since April 2022. Those gains came as traders pored through quarterly reports from major companies. Thus far, the second-quarter earnings season is off to a strong start. Of the companies in the S&P 500 that have reported results, 82% have exceeded expectations, according to FactSet data. For many investors, the recent streak of gains bolsters the case for a soft-landing scenario. It’s an outlook that has gained traction after last week’s encouraging inflation data. “I think that we have to take a hard-landing scenario off the table, and in part, as we approach 2024 it becomes more difficult for us to believe in a downward trajectory to earnings,” Alger’s Ankur Crawford said on CNBC’s “Closing Bell” on Tuesday. “If you look at, you know, a lot of the tech earnings for example, we’ve troughed and now we’re starting to reaccelerate and grow again. That is a very different scenario than where we entered the year,” Crawford added. Other major companies such as Netflix, Tesla, IBM and United Airlines will post earnings after the close. June housing data will release Wednesday at 8:30 a.m. ET. Housing starts are expected to have dropped by 9.3%, according to economists polled by Dow Jones. That would be down from the huge 21.7% jump in the prior month. Meanwhile, June building permits declined 0.7%, matching Dow Jones consensus estimates. That’s down from a 5.2% gain the previous month. Asia-Pacific markets mostly rose on Wednesday as investors digest better-than-expected results from Wall Street. In Japan, the Nikkei 225 popped 1.24% and closed at 32,896.93, while the Topix was up 1.19% to 2,278.97. Business sentiment among manufacturers in Japan declined for the first time in six months in July, according to the Reuters Tankan survey, which measures confidence among large Japanese companies. South Korea’s Kospi rebounded and rose marginally to 2,608.24, and the Kosdaq was up 1.05% to close at 923.72, its highest level since April 2022. In Australia, the S&P/ASX 200 rebounded from Tuesday losses and rose 0.55%, ending the day at 7,323.7. Australia will see its unemployment figures out Thursday, seen as critical to the central bank on whether it will continue to hike rates. Hong Kong’s Hang Seng index extended its losses after falling over 2% on Tuesday, with the index sliding 0.33% in its final hour of trade. Mainland Chinese markets ended the day mixed, with the Shanghai Composite up marginally and ending at 3,198.84, but the Shenzhen Component closed 0.37% lower at 10,932,65. Global oil benchmark Brent briefly hovered above $80 on Wednesday, buoyed by China’s pledge to reinvigorate economic growth and expectations the U.S. Federal Reserve will stop raising interest rates soon. Brent futures were up 26 cents at $79.89 a barrel, while U.S. West Texas Intermediate (WTI) crude was up 9 cents to $75.84 per barrel. Gold prices on Wednesday steadied near eight-week highs reached in the previous session after economic data raised expectations that the U.S. Federal Reserve is near the end of its interest rate hiking. Spot gold was unchanged at $1,978.49 per ounce by 0933 GMT, while U.S. gold futures added 0.1% to $1,982.20. Prices hit their highest since May 24 at $1,984.19 before settling about 1.2% higher on Tuesday.
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