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Stock futures nudge higher following Tuesday’s losses within the Nasdaq

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Traders on the ground of the NYSE, May 17, 2022.

Source: NYSE

U.S. stock futures rose early Wednesday morning after the Nasdaq Composite dropped through the regular session, following a warning of slowing growth from social media company Snap that hurt the tech-heavy index.

Dow Jones Industrial Average futures rose 51 points, or 0.16%. S&P 500 and Nasdaq 100 futures climbed 0.37% and 0.65%, respectively.

Nordstrom shares jumped greater than 9% in prolonged trading after the retailer surpassed sales expectations and raised its full-year outlook. The retailer experienced a surge in demand from shoppers refreshing their closets for “long-awaited occasions.”

The Nasdaq Composite fell 2.4% during regular trading while the S&P 500 slid 0.8%. The Dow rose by 0.2% in a late-day reversal, despite falling as much as 1.6% earlier within the session.

The losses within the Nasdaq got here after a warning from Snap spooked the digital promoting industry, which dinged social media stocks including Facebook parent Meta, Twitter, and Google parent Alphabet. Snap’s stock price tumbled 43% through the regular session after the corporate said it would miss its own earnings and revenue targets.

“It tells me how much technology and comm services are still over-owned, right, because they’re those which might be getting hit the toughest, and for good reason. Snap was really an enormous surprise for nearly everybody,” Stephanie Link, chief investment strategist and portfolio manager at Hightower, said Tuesday on CNBC’s “Closing Bell.”

“I feel that we’re in only really difficult times. I have been saying we will be in a choppy environment all yr long because there are such a lot of unknowns,” she continued.

Traders will proceed to parse through earnings reports this week to see how firms are handling inflationary pressures. Dick’s Sporting Goods is anticipated to report earnings Wednesday before the bell. Snowflake and Nvidia are set to post quarterly reports after the bell.

On the economic front, traders are also waiting for the newest reports on weekly mortgage applications and sturdy goods orders before markets open. Investors predict the newest meeting minutes from the Federal Open Market Committee.

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