The Dow Jones Industrial Average futures were near flat Thursday night after reaching a record closing level in the previous session. Futures for the 30-stock index added just 11 points while S&P 500 futures and Nasdaq 100 futures rose by 0.1% and 0.2% respectively. Investor focus was on Netflix, whose shares surged over 4% after beating Wall Street’s expectations in the third quarter and reporting a 35% increase in ad-tier memberships.
The market saw a rally in Travelers that pushed the Dow to an all-time closing high, while the S&P 500 inched lower despite hitting a new intraday high. The tech-heavy Nasdaq Composite ended slightly higher. The Dow has been leading the way this week with a 0.9% gain, while the S&P 500 and Nasdaq Composite have added 0.5% and 0.2% respectively. All three indexes are on track for their sixth consecutive positive week, making it the longest weekly winning streak of 2024 for the Dow and S&P 500.
On the economic front, investors are anticipating data on housing starts and building permits on Friday. They will also be watching for comments from central bank officials including Atlanta Federal Reserve President Raphael Bostic and Minneapolis Fed President Neel Kashkari. American Express and Procter & Gamble are among the companies releasing earnings before the bell on Friday morning. Head of investment strategy at SoFi, Liz Young Thomas, noted that while earnings season has had mixed signals, it appears to be in good shape, especially considering the upcoming election and the next Fed meeting.
The positive momentum in the market is being driven by strong corporate earnings reports, highlighted by Netflix’s stellar performance in the third quarter. The overall sentiment is optimistic as investors remain focused on economic data and comments from central bank officials. With the Dow, S&P 500, and Nasdaq Composite all on track for their sixth straight positive week, it signals a strong market performance despite the uncertainties surrounding the upcoming election and the Federal Reserve meeting.
Investors are closely monitoring the ongoing earnings season, which is showing signs of strength in the early stages. The market is also bracing for potential volatility as the election approaches and the next Fed meeting looms. The positive performance of major indexes like the Dow, S&P 500, and Nasdaq Composite reflects a market that is resilient and on a trajectory towards sustained growth. As key economic data is released and central bank officials provide insights, investors will continue to navigate the market landscape with caution and optimism.
