Stock Futures Continue Recovery as Earnings Pick Up

Earnings season is picking up steam

Emma Duncan

Managing Editor

Aug 7, 2024 at 9:01 AM

Stock futures are enjoying a second day of healthy gains before the bell, extending yesterday's recovery in shares and zoning in on an upbeat start to earnings season. The Nasdaq-100 Index (NDX) and and S&P 500 Index (SPX) are comfortably in the black pre-market, while futures on the Dow Jones Industrial Average (DJIA) are sporting a 283-point lead.

Continue reading for more on today's market, including:

Billion-dollar investment bounced this EV stock.
2 biotechs fresh off big moves.
Plus, Airbnb stock's earnings blunder; DIS brushes off quarterly beat; and rideshare giant slides on Q3 outlook.

5 Things You Need to Know Today

The Cboe Options Exchange (CBOE) saw more than 1.1 million call contracts and 819,602 put contracts exchanged on Tuesday. The single-session equity put/call fell to 0.72, while the 21-day moving average remained at 0.66.
Independent home-stay site Airbnb Inc (NASDAQ:ABNB) is off a steep 14% before the opening bell, set to trade at $112.26 after reporting a weaker-than-expected third-quarter outlook. No fewer than 12 bear notes have being handed out in response, the equity set to deepen its 4% year-to-date deficit.
Theme park owner Walt Disney Co (NYSE:DIS) is down 0.9% at $89.20 pre-market, sliding despite posting a fiscal third-quarter beat of $1.39 earnings per share on $23.16 billion in revenue. Though looking to be short-lived, yesterday DIS snapped a three-day losing streak, moving itself back into the black year-over-year.
A lackluster third-quarter revenue outlook is sending rideshare name Lyft Inc (NASDAQ:LYFT) plunging ahead of the open, down 14.3% to trade at $9.40, at last glance. The equity shared an expected third-quarter outlook between $90 million and $95 million, significantly below the anticipated $103.4 million from analysts. LYFT has shed 26% in 2024 so far, with overhead pressure stemming from the 20-day moving average.
Consumer credit data is on the docket today.

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Flood of Economic Data Sends Asian Stocks Higher

Asian markets extended their gains on Wednesday, with Japan’s Nikkei adding 1.2% after the Ministry of Finance revealed it enacted a yen-buying intervention in April and May to fight the currency’s decline against the U.S. dollar. Traders also unpacked China’s better-than-expected imports data for July, though exports data missed the mark, with Hong Kong’s Hang Seng climbing 1.4% and China’s Shanghai Composite settling slightly above breakeven with a 0.09% gain. Elsewhere, South Korea’s Kospi rose 1.8%.

European markets are also higher, mirroring Wall Street’s rebound. London’s FTSE 100 and the German DAX were last seen 1.1% higher, while France’s CAC 40 sports a 1.4% lead.

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