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Stock market today: Live updates


Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, September 28, 2023.

Brendan McDermid | Reuters

Stock futures inched lower as earnings season gained steam and Wall Street looked ahead to more key financial reports on Wednesday.

Futures connected to the Dow Jones Industrial Average dipped 0.1%, or 30 points. S&P 500 futures and Nasdaq-100 futures edged 0.1% and 0.09% lower, respectively.

Shares of United Airlines fell more than 4% in extended trading on soft guidance, while J.B. Hunt lost more than 3% on disappointing results.

Stocks are coming off a muted trading session. The Dow Jones Industrial Average rose about 13 points, or 0.04% to 33,997.65, while the S&P 500 inched 0.01% lower to 4,373.20. The Nasdaq Composite lagged, falling 0.25% to 13,533.75.

Tuesday’s moves came as bond yields popped on stronger-than-expected September retail sales, and the yield on the 10-year U.S. Treasury note hit its highest level since Oct. 6. Chip stocks such as Nvidia and Advanced Micro Devices sold off as the U.S. announced plans to tighten restrictions on AI chip exports to China.

Wall Street continued to assess the impact of the ongoing Israel-Hamas war. Traders also parsed through third-quarter earnings reports, including results from financial institutions such as Bank of America, Goldman Sachs and Bank of New York Mellon.

While the earnings season may only be in its early innings, 83% of companies have so far topped earnings expectations, while about 70% have surpassed sales estimates, according to FactSet data.

“It’s not a surprise that profits are likely to surpass analysts’ estimates” given that companies face an already-low bar, said Anthony Saglimbene, chief market strategist at Ameriprise Financial. “It’s more about the outlooks, and the direction of interest rates that are really going to inform the near-to-intermediate term direction of stocks.”

The reporting season carries on with results from Morgan Stanley, Procter & Gamble and Travelers due out before the bell Wednesday. Netflix and Tesla are on deck after the market close.

On the economic front, Wall Street awaits housing starts and building permits data for September.



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