Traders work on the ground of the Latest York Stock Exchange (NYSE) in Latest York.
Brendan McDermid | Reuters
S&P 500 futures advanced modestly Thursday as investors parsed through the newest batch of corporate earnings.
Futures tied to the broad index traded up 0.24%, while Nasdaq-100 futures gained 0.67%. Futures tied to the Dow traded flat
Earnings season trudged on with IBM dipping 2% despite exceeding analyst expectations. The legacy tech company announced it could cut 3,900 jobs. Tesla shares, meanwhile, jumped 7% after posting record revenue and better-than-expected fourth-quarter earnings.
Airline earnings rolled out with Southwest falling on a larger-than-expected loss fueled by its holiday meltdown. American Airlines rose on a fourth-quarter beat.
“Clearly, we’re moving through the center of earnings season at this point,” said Bill Northey, senior investment director at U.S. Bank. “There was some positive news and a few less positive news.”
Investors are also keeping track of jobless claims data Thursday, the gross domestic product, and sturdy goods and latest home sales.
Wall Street is coming off a mixed session. The Dow ended Wednesday up 0.03% after dropping greater than 400 points earlier. The Nasdaq Composite and S&P 500 dipped just 0.18% and 0.02%, respectively.
Elsewhere, Chevron added almost 3% after announcing a $75 billion share repurchasing program.
