Nasdaq 100 Futures Decline Following Apple’s Earnings Report (3 November 2023)

 

Dow and Nasdaq 100 Futures

 

Nasdaq 100 Futures declined on Friday after Apple reported its third quarterly earnings after the market close on Thursday. 

Nasdaq 100 futures slipped 37 points or 0.25% and at the 14960 level. S&P 500 futures also dropped slightly by 3 points or 0.07 at 4332 level. Meanwhile, Dow Jones Industrial Average (DJIA) futures edged up by 46 points or 0.14% and at 33960 level at 12 pm IST or 2.30 a.m. EDT

 

US Markets on Thursday

 

On Thursday, US stock market indexes rallied, as the Treasury yield fell on optimism that the Federal Reserve is done raising interest rates. The 10-year Treasury yield declined to 4.663%, for the second consecutive day, it was settled at 4.734% on Wednesday. 

Dow Jones Industrial Average (DJIA) jumped 564.50 points or 1.70% and ended at 33839.08, while the S&P 500 index was up by 79.92 points or 1.89% and settled at 431778 level. The tech-heavy Nasdaq also gained 232.72 points or 1.78% and closed at 13294.19 level on Thursday.

 

Also read- US Markets Rally: Treasury Yields Dip, Nasdaq and Dow Surge Amid Optimism

 

In after-hours trading, Apple fell 3% after reporting quarterly earnings due to weak revenue guidance for the fourth quarter. Though the iPhone maker beat on top and bottom lines in its fiscal fourth quarter, overall sales declined for the fourth quarter in a row.

 

US Markets Today

 

On Friday, the US markets will first react to the Apple quarterly earnings that were released after markets on Thursday. Investors are eagerly waiting for the US monthly job report on Friday. It is expected that the US economy likely added just over 170,000 jobs in October according to experts, which is much lower than September 336000 job growth. Other than job data, ISM & S&P Global services activity data are also expected in the US markets today.

On the earning front, Enbridge Inc., Sempra, Dominion Energy, Gartner Inc., Cardinal Health, Church & Dwight Co., Restaurant Brands International Inc., Liberty Media Corp., and CBOE Global Markets Inc. will announce their third quarterly earnings on Friday.

 

You may also like to read,      Stock Market Prediction Next Week (30 Oct – 3 Nov 2023)

 

Happy Investing!!

Editor’s Desk