Scott Eiles | bloomberg | Getty Images
Stock futures rose early Thursday as investors responded to poor expectations for retail chain Target early in the day, and falling Nvidia and Cisco results after the market closed.
Investors are also expecting more than half a dozen speakers from the Federal Reserve to speak at events across the country on Thursday.
Futures related to the Dow Jones Industrial Average gained 89 points, or 0.26%. S&P 500 futures rose 0.33%, while Nasdaq 100 futures rose 0.42%.
The Bath & Body Works retailer jumped more than 20% on Wednesday after it beat revenue forecasts and doubled what was expected for earnings per share. Cisco stock rose more than 3% after the bell after beating earnings and revenue estimates.
The latest moves came on the heels of a bearish day on Wall Street, the second in three days. The S&P 500 and Nasdaq Composite fell 0.83% and 1.54%, respectively. The Dow Jones Industrial Average lost 39.09 points, or 0.12%.
Downward pressure arose from double routing from Target, which reported declining sales as inflation put a damper on shoppers heading into the holiday season. The Minneapolis-based chain closed down 13%, while its future guidance cast doubt on other retailers.
“There is an adjustment process going on” by the companies, said Thomas Martin, senior portfolio manager at GLOBALT Investments. “I’m not saying this is a reason not to take action in a financial portfolio, but trying to chase things away usually ends up making one bad decision and then another bad decision and another bad decision.”
Tomorrow, investors will also be watching weekly jobless claims, the latest reports on October housing starts and building permits, and manufacturing surveys from the Federal Reserve Bank of Philadelphia and Kansas City.
Earnings season continues Thursday with additional retailers, including Macy’s and Kohl’s before the bell and Gap after.
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