S&P 500-linked futures rose slightly on Thursday as investors appeared to shrug off disappointing results from Meta Platforms.
S&P 500 futures rose about 0.1%, while Dow Jones Industrial Average futures rose 116 points, or 0.4%. Nasdaq 100 futures fell 0.3%.
Shares of Facebook’s parent company plunged 20% in premarket trading on a weak fourth-quarter forecast and disappointing third-quarter results. The company also said it would lose even more money next year building the metaverse. The report led several analysts to downgrade the stock.
Traders also looked at earnings reports from other companies. ServiceNow rose more than 12% after beating earnings. Ford Motor, meanwhile, fell 2% after the company published its latest results.
Stocks are coming off a mixed session, with the S&P 500 and Nasdaq Composite falling for the first time in four days on Wednesday, while the Dow ended the day slightly higher.
For the week, all major averages remain in positive territory, with the Dow and S&P up more than 2% and the Nasdaq about 1% higher. The Dow is on pace for its fourth consecutive positive week since its five-week streak ended in November 2021.
“Investors are still struggling for direction and want clarity on earnings and what the Fed will do going forward,” said Adam Sarhan, managing director of 50 Park Investments. “Remember, the market is a mechanism for the future, and earnings reports tell us what happened in the past. Investors want clarity and certainty. Right now, we still have a lot of uncertainty at various levels.”
Big tech gains continue Thursday with results from Amazon and Apple. Earnings from Intel, McDonald’s, Merck and Caterpillar are also in the mix.
Along with earnings, investors have their eyes on an advanced third-quarter gross domestic product reading that is expected to offer more clues about the state of the US economy.
Initial weekly unemployment and durable goods claims for September are also due Thursday.