Traders work on the floor of the New York Stock Exchange.
NYSE
Stock futures were little changed as investors readied for the fourth-quarter gross domestic product report.
Dow Jones Industrial Average futures climbed 46 points, or 0.01%. Futures tied to the S&P 500 and Nasdaq 100 futures flickered near the flat line.
In after-hours action, electric vehicle maker Tesla slumped more than 5% after the company missed fourth-quarter estimates on the top and bottom lines. The company warned that vehicle volume growth may be lower in 2024. Shares of IBM soared more than 8% after the technology company posted adjusted earnings and revenue that beat analysts’ predictions.
During regular trading Wednesday, a postearnings surge in Netflix shares helped carry the S&P 500 and the Nasdaq Composite to a fifth winning day. The broad market index eked out a gain of 0.08% and posted a fresh record high, while the Nasdaq added 0.36%. The Dow Jones Industrial Average slid 0.26%.
“I’ve had very bullish outlooks for the market and I still have an S&P 500 target of 5,400 for the end of this year and 6,000 for the end of next year,” Ed Yardeni of Yardeni Research said on CNBC’s “Closing Bell” on Wednesday. He cautioned, however, that the speed of the rise in stocks could mean equities are getting ahead of themselves in the short term.
“My concern is that we’ll get there all too fast and too soon,” he added.
On Thursday, investors will have an eye on fourth-quarter gross domestic product data, which is expected to show growth at a 2% seasonally adjusted annualized pace. That will reflect a slowing from the 4.9% reading in the third quarter. The results could be a key catalyst for stocks as investors try to glean details on the state of the economy heading into the new year.
On the earnings front, health-care giant Humana is expected to report before the bell, along with Southwest Airlines and American Airlines. After the close, Intel, T-Mobile and Western Digital will post their quarterly…
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