S&P Looks to Break 3-Day Losing Streak
April 17,2024 08:34 am EST
U.S. stock futures were higher on Wednesday morning after the S&P 500 notched its third straight day of losses.
Futures for the Dow Jones Industrials advanced 115 points, or 0.3%, to 38,161.
Futures for the S&P 500 tacked on 19.5 points, or 0.4%, to 5,112.
Futures for the NASDAQ Composite jumped 44.25 points, or 0.3%, to 17,925.50.
United Airlines climbed 5% after posting a narrower-than-expected loss and beating on revenue. J.B. Hunt Transport Services fell 4% after missing analysts' expectations on the top and bottom lines.
Those moves come after the Dow was able to break a six-day losing streak on Tuesday. The index was lifted by UnitedHealth, which rose more than 5% after posting beats on the top and bottom lines in the first quarter.
But Tuesday marked the third straight day of declines for the S&P 500 and NASDAQ Composite.
The moves come after Federal Reserve Chair Jerome Powell said that the Federal Reserve needs to see more progress on the inflation front before the U.S. central bank is likely to begin cutting rates. The comments did little to assuage the market's pessimism, said Ross Mayfield, an investment strategy analyst with Baird.
In Japan, the Nikkei 225 slid 1.3% Wednesday, while in Hong Kong, the Hang Seng forged ahead almost three points.
Oil prices subsided 43 cents to $84.93 U.S. a barrel.
Gold prices ducked $2.20 to $2,405.60 U.S. an ounce.
Currencies