Stock futures slip as S&P 500 extends longest win streak since 2021: Live updates
2 min read
Title: U.S. Stock Futures Dip as Winning Streaks Pause; Array Technologies and Spirit AeroSystems Shares Plunge
U.S. stock futures showed signs of a slight retreat on Tuesday, following a strong performance by the S&P 500 and Nasdaq Composite, both of which achieved their longest winning streaks in about two years.
Futures tied to the S&P 500 slipped by 0.07%, while Nasdaq 100 futures inched lower by 0.10%. Dow Jones Industrial Average futures fell by 20 points or 0.06%.
In after-hours trading, Array Technologies, a solar tracker company, witnessed a 13% decline in its share price due to weak full-year earnings and revenue guidance. Spirit AeroSystems, a supplier for Boeing, also experienced a significant drop of 14% after announcing plans to raise capital through stock and note offerings.
During the day’s trading, the S&P 500 and Nasdaq Composite added 0.3% and 0.9% respectively, extending their winning streaks. The Dow Jones Industrial Average climbed nearly 0.2% for its seventh consecutive winning day.
The ongoing earnings season has seen around 80% of S&P 500 companies beating estimates. However, only 59% managed to surpass revenue expectations, marking the widest gap since the fourth quarter of 2015.
Ken Mahoney, the CEO of Mahoney Asset Management, expressed optimism about further equity gains driven by big-cap technology stocks. He cited the potential for a favorable economic environment and limited central bank involvement as factors that could position the market well for 2024.
Investors are eagerly awaiting several upcoming earnings reports, including those from MGM Resorts, Walt Disney, and Take-Two Interactive, which are scheduled to be released after the market closes. Additionally, attention will be focused on the release of September’s wholesale inventories data.
Despite the slight dip in stock futures, speculation regarding the potential for continued market growth remains, fueled by positive earnings reports and optimistic economic indicators.
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