Wall Street futures projected a modest decline ahead of Thursday's opening bell, as investors cautiously assessed the aftermath of uninspiring earnings reports from significant technology firms. The trading landscape appears tense, with participants bracing for new insights from the upcoming slew of earnings announcements. As the market awaits additional financial disclosures, U.S.
officials are set to unveil the second-quarter gross domestic product (GDP) estimate at 8:30 am ET. Analysts predict a robust 2% year-over-year growth, an improvement from the previous quarter's 1.4% expansion, a factor that could significantly influence market sentiment. In the futures market, the S&P 500 lowered by 0.3%, the Nasdaq composite decreased by 0.5%, and the Dow Jones Industrial Average experienced a minimal decline of 0.1%.
Notable stock movements revealed Honey International (HON) plummeting by 5% in pre-market trading, driven down by a cautious adjusted earnings outlook for 2024. Ford (F) faced an even steeper downturn, dipping 13% in pre-bell trading after the automaker revealed disappointing second-quarter earnings late Wednesday, raising concerns among investors regarding its ongoing recovery strategy. Asian equity markets reacted negatively overnight, reflecting a global trend of decreasing value in technology stocks.
European indices followed suit, showing declines during midday trading on the continent, impacted by similar anxieties surrounding tech stocks. Earnings reports from other prominent companies such as AbbVie (ABBV) and Union Pacific (UNP) are anticipated before the market opens, which could greatly shift trading dynamics based on their performance results. Amidst these fluctuations in stocks, the economic calendar remains busy.
Aside from the critical Q2 GDP report, various other economic indicators are set for release. This includes the weekly jobless claims data, June's durable goods orders bulletin, and the international trade in goods report, all scheduled for 8:30 am ET. Retail and wholesale inventories for June will also be posted at 8:30 am, contributing further to the economic outlook. Investors will also be watching other essential metrics, including the Kansas City Fed Manufacturing Index for July, which is due for release at 11 am.
In the pre-market segment, Bitcoin's value stood at $64,031, while West Texas Intermediate (WTI) crude oil traded lower at $76.19. The yield on 10-year U.S. Treasuries remained steady at 4.2%, and spot gold was trading at $2,378 an ounce, reflecting ongoing market volatility..