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S&P 500 futures were little changed on Thursday night as traders awaited the release of the July jobs report.
Dow Jones Industrial Average futures added 3 points, or 0.01%, while S&P 500 futures gained 0.07%. Nasdaq 100 futures climbed 0.3%.
In extended trading, Airbnb shares rallied 9% after the vacation rental company posted a beat on the top and bottom lines. Cloudflare surged 17% after the cloud cybersecurity company issued a solid full year and current quarter outlook.
Wall Street is coming off a losing session, as a spike in oil prices weighed on equities. The Dow fell more than 460 points, or 0.9%, breaking a five-day winning run. The S&P 500 slid 0.2%, while the Nasdaq Composite dipped 0.1%.
In spite of the pullback, the market outlook has brightened on many parts of the Street. Investors are hopeful that a deal to reopen the Strait of Hormuz will eventually bring down oil prices and curb inflation expectations.
Tech has outperformed — with semiconductors rallying this week — after last month’s unwinding of the momentum trade convinced many the stock market got the reset it needed for the next leg higher. Strong earnings only add to the recent confidence.
“There’s going to be a chase,” Tom Lee, head of research at Fundstrat Global Advisors, told CNBC’s “Closing Bell” on Thursday. “I think that chase takes us towards 7,900, 8,000″ this month.
Investors turn their attention to the jobs report Friday. July’s nonfarm payrolls aren’t expected to show much improvement, with a gain of just 83,000, and the unemployment rate staying unchanged at 4.2%. Traders will look to wage growth and participation in the labor force for clues on the job market.
Stocks were headed for a second straight week of gains, in spite of Thursday’s losses. In particular, the Nasdaq could post its best weekly performance since May, thanks to a bounce back in chip stocks. The iShares Semiconductor ETF (SOXX) is higher by more than 5% this week.
56 Min Ago
Stocks making the biggest moves after hours
Cheng Xin | Getty Images
Check out the companies making headlines after hours.
Airbnb — Shares of the vacation rental company surged about 7% after Airbnb posted second quarter earnings of $1.37 per share on revenues of $3.61 billion. That outpaced the earnings of $1.25 on revenues of $3.58 billion forecasted by analysts, according to LSEG.
Lyft — The ride-hailing company was marginally higher after posting second quarter revenues of $1.84 billion, beating the LSEG consensus estimate of $1.81 billion. Earnings of 13 cents per share, however, missed the 14 cents anticipated by analysts.
DraftKings — Shares were down over 1.5% after the company fell short of expectations on revenue. DraftKings posted second quarter revenue of $1.44 billion, missing the $1.51 billion analysts polled by LSEG sought. The company also posted a loss of 14 cents per share, while the Street expected a profit of 2 cents a share. The digital sports entertainment and gaming company did reaffirm its guidance on adjusted EBITDA and revenue for the 2026 fiscal year.
— Sarah Min
1 Hour Ago
Stock futures open little changed
Stock futures opened little changed Thursday night.
Dow Jones Industrial Average futures fell by 19 points, or 0.04%. S&P 500 futures dipped 0.04%, while Nasdaq 100 futures climbed 0.1%.
— Sarah Min
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