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Dow Futures fall whilst major indices rise

Aria Thomas

Aug 18, 2022 10:50

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In the evening session on Wednesday, U.S. stock futures traded lower as major benchmark indices ended a five-day winning streak and risk sentiment deteriorated as Federal Reserve members signaled extra rate hikes to combat inflation.


Dow Jones Futures, S&P 500 Futures, and Nasdaq 100 Futures all down by 0.1% by 7:00 p.m. ET (11:00 p.m. GMT), while Nasdaq 100 Futures declined by 0.2%.


Wolfspeed Inc (NYSE:WOLF) rose 18.6% in extended trade after reporting Q4 losses of $0.02 per share, which were better than the average expectation of $0.10. Rather than the anticipated $209.31 million, the actual revenue was $228.5 million.


Cisco Systems (NASDAQ:CSCO) rose 4.5% after reporting fourth-quarter earnings per share of $0.83 versus the average estimate of $0.82 and revenue of $13.1 billion versus the consensus estimate of $12.73 billion.


Bath & Body Works Inc. (NYSE:BBWI) declined 2.1% after posting second-quarter earnings per share of $0.52, which was above the consensus estimate of $0.44, and revenues of $1.62 billion, which were in line with forecasts.


Earnings results from Applied Materials Inc (NASDAQ:AMAT), Kohls Corp (NYSE:KSS), Tapestry Inc (NYSE:TPR), Estee Lauder Companies Inc (NYSE:EL), and Ross Stores Inc (NASDAQ:ROST) will be eagerly followed.


The Dow Jones Industrial Average fell 171.7 points, or 0.5%, to 33,980 during Wednesday's regular trading session.


The S&P 500 fell 31.2 points, or 0.7%, to 4,274, while the NASDAQ Composite down 164.4 points, or 1.3%, to 12,803.2.


Following the release of the most recent Federal Reserve meeting minutes, sentiment towards risk deteriorated throughout the session. In order to battle inflation, policymakers are likely to continue raising interest rates, but they have indicated that the rate of tightening could be changed based on market conditions.


The 10-Year U.S. bond market interest rate was 2.902%.

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