Wednesday evening saw futures tied to the Dow Jones Industrial Average holding steady near the flatline, following the index’s sixth consecutive day of gains. Dow futures rose by 6 points, or 0.02%, while S&P 500 futures remained largely unchanged. Nasdaq 100 futures dipped by 0.1%.
In after-hours trading, Airbnb saw a more than 8% decline as disappointing guidance overshadowed a strong first-quarter performance. Conversely, retail trading platform Robinhood experienced a 3% increase after surpassing first-quarter earnings and revenue expectations.
During regular trading hours, the S&P 500 saw a slight decline, closing near the flatline, while the Nasdaq Composite slipped by about 0.2%. Several tech stocks, including Uber and Shopify, faced downward pressure after recent quarterly reports. However, the Dow Jones Industrial Average outperformed, gaining over 170 points.
Josh Brown, CEO of Ritholtz Wealth Management, attributed the market’s recent fluctuations to a retracement of early-year enthusiasm, particularly following a challenging April and reactions to earnings reports.
Investor focus will shift to quarterly results from Warner Bros. Discovery and Akamai Technologies on Thursday. Additionally, Thursday morning will bring the release of weekly jobless claims data.
In other news, Disney and Warner Bros. Discovery announced plans to bundle their streaming services, including Disney+, Hulu, and Max, in a single package this summer. Meanwhile, Airbnb reported robust quarterly results, fueled by strong demand for special events travel, including the recent North American total eclipse and upcoming Summer Olympics. These trends underscore continued consumer spending on travel and entertainment experiences despite economic concerns.
