Stock futures were slightly lower Wednesday after the blue-chip average clinched its longest winning streak since December. Futures tied to the Dow Jones Industrial Average lost 66 points, or nearly 0.2%. S&P 500 futures dipped 0.4% while Nasdaq 100 futures slid 0.6%. Several big-name technology names declined in premarket trading, driving the early morning selloff. Uber shares fell more than 8.5% after the rideshare company’s posted a surprising net loss and weaker-than-expected bookings revenue, while Intel lost more than 2.5% after the chipmaker lowered its second-quarter revenue guidance. Tesla shares dipped 4%. Reddit surged more than 11% in the premarket following its first earnings report as a public company. Those moves follow a muted and mixed day on Wall Street. The Dow ticked higher by nearly 0.1% and posted its fifth positive session, which marks its longest winning run going back to December. The S&P 500 also inched up by about 0.1%, while the Nasdaq Composite slipped 0.1%. The 10-year U.S. Treasury yield also took a leg down in the previous session, providing upward momentum for stocks. But the market was hampered by a slide of more than 9% in Disney shares after the entertainment giant missed Wall Street’s revenue expectations and offered soft guidance. “Stocks are going to celebrate any decline in yield, and you’ve seen that over the last several days,” said Adam Crisafulli, founder of Vital Knowledge, on CNBC’s “Closing Bell: Overtime.” “But eventually, to the extent you see growth slow further, there will be a disconnect between Treasurys and equities, with Treasurys continuing to rally while stocks get caught up a little bit.” Nearly 85% of S&P 500 corporations have already shared quarterly results this earnings season. Of those, approximately 80% have surpassed Wall Street expectations, according to FactSet. Traders will also watch for economic data on wholesale inventories due Wednesday morning. Federal Reserve officials including Vice Chair Philip Jefferson, Boston Fed President Susan Collins and Fed Governor Lisa Cook are all expected to give remarks throughout the day. U.S. Treasury yields were slightly higher Wednesday as investors weighed the latest remarks from Federal Reserve officials, looking for clues on the path ahead for interest rates. The yield on the 10-year Treasury was up by more than 2 basis points at 4.486%. The yield on the 2-year Treasury was last up by just over 1 basis point to 4.43%. Japan stocks led declines in Asia-Pacific markets on Wednesday, as investors parsed through earnings from the region, including reports from Japanese giants Toyota Motor and Mitsubishi. Japan’s Nikkei 225 dropped 1.63% to end at 38,202.37, while the broad-based Topix closed 1.45% lower at 2,706.43. Both indexes hit their lowest levels in almost two weeks. Singapore’s United Overseas Bank fell 2.9% even as the lender’s net profit of 1.47 billion Singapore dollars ($1.08 billion) in the first quarter beat LSEG estimate of SG$1.43 billion. The Straits Times Index dropped 1.29%. Hong Kong’s Hang Seng index fell 0.77%, while mainland China’s CSI 300 index lost about 0.8% to close at 3,630.22. The Kospi climbed 0.39% higher to its highest level in more than a month at 2,745.05, while the small-cap Kosdaq reversed losses to rise 0.13% and also hit a month-high level of 872.42. Australia’s S&P/ASX 200 inched up 0.14% to finish at 7,804.5, marking a five-day winning streak. Crude oil futures fell more than 1% on Wednesday as the market softens on rising inventories, though prices could firm later this year as demand increases during the summer driving season. “Oil market indicators have turned softer in recent weeks, and prices have declined from recent peaks,” Morgan Stanley analysts said in a Wednesday note. “The oil market is not tight now, but we see seasonal strength ahead in coming months.” U.S. oil inventory data is due out later this morning. Stockpiles surged in the last week of April, putting pressure on prices. West Texas Intermediate June contract: $77.35 a barrel, down $1.04, or 1.33%. Year to date, U.S. crude oil has risen 8%. Brent July contract: $82.12 a barrel, down $1.04, or 1.25%. Year to date, the global benchmark has risen 6%. Gold prices steadied on Wednesday as support from the safe-haven demand fueled by geopolitical risks offset the pressure from a stronger U.S. dollar. Spot gold was flat at $2,315.98 per ounce by 1127 GMT. U.S. gold futures was down 0.01% to $2,324.00 per ounce.
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