Wall Street’s lull is threatening to stretch into a second day today as more corporate earnings are released, the Associated Press reports. Futures for the S&P 500 ticked down 0.1% this morning, and futures for the Dow Jones Industrial Average fell less than 0.2%.
Airbnb tumbled 9.6% in the premarket after the online rental company gave a cautious second-quarter forecast despite easily beating Wall Street’s first quarter targets.
Beyond Meat, the maker of plant-based meat substitutes, fell 12.9% after it posted a much wider loss than analysts expected.
Stock trading and personal finance app Robinhood jumped 5% after it tripled per-share profit expectations on strong subscriber growth.
Companies have been broadly reporting stronger profits for the first three months of 2024 than analysts expected. That and newly revived hopes for cuts to interest rates by the Federal Reserve have helped the U.S. stock market to recover from its rough April.
In other trading, U.S. benchmark crude oil rose 59 cents to $79.58 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude oil, the international standard, was up 58 cents to $84.16 per barrel.
The U.S. dollar rose to 155.86 Japanese yen from 155.52 yen.
