Market

U.S. stock futures little changed as first full week of earnings season comes to a close

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U.S. stock futures on Friday pointed to a quiet end to the first full week of earnings season, amid further signs the U.S. economy is slowing down.

What’s happening
  • Dow Jones Industrial Average futures
    YM00,
    +0.03%

    rose 2 points to 33912.

  • S&P 500 futures
    ES00,
    +0.05%

    rose 2 points to 4154.

  • Nasdaq 100 futures
    NQ00,
    +0.06%

    rose 12 points, or 0.1%, to 13086.

On Thursday, the Dow Jones Industrial Average
DJIA,
-0.33%

fell 110 points, or 0.33%, to 33787, the S&P 500
SPX,
-0.60%

declined 25 points, or 0.6%, to 4130, and the Nasdaq Composite
COMP,
-0.80%

dropped 98 points, or 0.8%, to 12060.

What’s driving markets

Recent economic data has been pointing to a deteriorating economy. The Conference Board’s leading economic index, released Thursday, fell to its lowest level since Nov. 2020, as the number of people collecting unemployment benefits reached the highest level since Nov. 2021.

A number of companies including AT&T
T,
-10.41%
,
American Express
AXP,
-1.01%

and Tesla
TSLA,
-9.75%

saw their share prices drop after their latest quarterly results. See: AT&T stock suffers worst drop in more than 2 decades as cash flow dries up

Mark Haefele, chief investment officer for global wealth management at UBS, said the markets are pricing in a high probability of a near-perfect landing for the U.S. economy.

“We doubt everything will work out so perfectly, and instead see an uncertain outlook for the growth, earnings, and inflation picture,” he said. UBS prefers emerging markets over U.S. equities and prefers higher-quality segments of fixed income including government bonds, investment-grade credit and senior debt from financials.

Friday’s economic calendar includes the preliminary Markit manufacturing and services reports, while Procter & Gamble
PG,
+0.37%

highlights the earnings calendar.

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Jake

Jacob Keiter is a husband, a writer, a journalist, a musician, and a business owner. His journey to becoming a writer was one that was paved with challenges, but ultimately led him to find his true calling. Jacob's early years were marked by a strong desire for creative expression. He was always drawn to music, and in his youth, he played in several bands, chasing the elusive promise of fame and success. However, despite his best efforts, Jacob struggled to find the recognition he craved. It wasn't until he hit a low point in his life that Jacob discovered his love for writing. He turned to writing as a form of therapy during a particularly difficult time, and found that it not only helped him to cope with his struggles, but also allowed him to express himself in a way that he had never been able to before. Jacob's writing skills quickly caught the attention of others, and he soon found himself working as a journalist for The Sun out of Hummelstown. From there, he went on to contribute to a variety of publications, including the American Bee Journal and Referee Magazine. Jacob's writing style is reflective of traditional journalism, but he also infuses his work with a unique voice that sets him apart from others in his field. Despite his success as a writer, Jacob also owns another business, JJ Auto & Home, which specializes in cleaning. Jacob's commitment to excellence is evident in all of his endeavors, whether it be in his writing or in his business ventures. Today, Jacob is the author of two books and continues to inspire others through his writing. His journey to becoming a writer serves as a reminder that sometimes our darkest moments can lead us to our greatest achievements.

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