Stock futures were barely higher early on Wednesday morning.
Futures tied to the Dow Jones Industrial Average added 236 points, or 0.72%. S&P 500 futures rose 0.6% and Nasdaq 100 futures also climbed 0.6%.
Investors were digesting earnings from Nike and FedEx that sent each firms higher in after-hours trading.
Nike shares added 12% after the apparel maker beat Wall Street’s expectations for quarterly earnings and revenue. Meanwhile, FedEx gained 3% because the package delivery giant beat consensus estimates on per-share earnings. The corporate fell wanting expectations for revenue, nevertheless.
Throughout the regular session, the Dow rose greater than 92 points, or nearly 0.3%. The S&P 500 climbed 0.1% and the Nasdaq Composite eked out a slight gain of 0.01%. All three of the main indexes snapped a four-day losing streak, putting just a little wind back into hopes for an end-of-year rally.
The modest gains got here even after the Bank of Japan moved to widen its cap on the 10-year Japanese government bond yield, resulting in a spike within the 10-year U.S. Treasury yield higher that originally rattled traders.
“Let’s concentrate on the positive… From a fundamental perspective, the market took a fairly good punch and stood on its feet,” Virtus Investment Partners’ Joe Terranova said on CNBC’s “Closing Bell: Time beyond regulation” Tuesday.
There is a “tremendous amount of resiliency” available in the market, he added, saying that needs to be investors’ focus going into 2023.
Investors await one other batch of information due Wednesday morning, starting with the Mortgage Bankers Association’s weekly measurement of nationwide home loan applications. Traders can even get updates on existing home sales and consumer confidence data.
There are a number of more big names left to report earnings before the Christmas holiday. RiteAid and Cintas will report before the bell Wednesday. Micron will report after the bell.
