Dow Futures increases while Netflix shows losses
The U.S. stocks are mainly opening higher this Wednesday, making an additional improvement from Monday’s losses despite disappointing outcomes from Netflix.
The Dow Futures increased by 140 points, around 0.4%. S&P 500 Futures traded 0.2%, or 10 points higher, while Nasdaq 100 Futures fell by 0.1% or 20 points.
The major equity indices recovered sufficiently on Tuesday from Monday’s selloff inspired by Covid. The Dow Jones Industrial Average reached almost 550 points, making back the previous day’s slump.
Corporate earnings season in the second quarter is now in full motion, and the focus will be now on Netflix after it reported a drop of around 440,000 subscribers in the North American market. It also calculated 3.5 million subscribers in this quarter, below expectations of almost 5 million.
Chipotle Mexican Grill will also show up after being impressed with its results as customers returned to its restaurants. However, it warned that higher costs would balance the benefit after increasing menu prices.
Johnson & Johnson estimate only $2.5 billion in 2021 sales of its vaccine.
Coca-Cola raised its full-year expectation after it reported substantial revenue in the second quarter.
Overview of the futures market
On Wednesday, oil prices rose, bouncing after current losses even following an increase in U.S. crude stockpiles when rising Covid-19 cases frightened the market outlook.
According to the American Petroleum Institute, last week, U.S. crude stocks grew by nearly 0.82 million barrels. These results would be the first build after May if the Energy Information Administration confirms.
This week, crude prices rose sharply after rising to their highest levels as Covid-19 cases spread in Europe and the U.S. from Asia.
At 7:15 AM ET, U.S. crude futures traded almost 1.6% higher at $68.28 a barrel, while the Brent rose by 1.7% to $70.46.
Additionally, gold futures decreased by 0.6% to $1,802.16/oz, while EUR/USD traded by 0.11% lower at 1.1773.
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