U.S. stock futures are showing upward movement as investors closely evaluate a new round of corporate earnings. As of 6:10 a.m. ET, futures tied to the Dow Jones rose by 0.31%, S&P 500 futures increased by 0.22%, and Nasdaq futures saw a slight gain of 0.04%.
Among the companies reporting their quarterly results after market close are Rivian, Skyworks Solutions, Snap, AMD, Opendoor, Arista Networks, and Super Micro.
In corporate news, AMD fell short of second-quarter earnings per share expectations, despite reporting sales that exceeded forecasts. Rivian experienced a wider loss per share than anticipated, but its sales met estimates. The company has also revised its outlook, projecting a larger annual core loss than previously expected. Snap narrowly missed its second-quarter sales estimates and reported a decline in average revenue per user globally.
Opendoor’s results showcased an improvement compared to the previous year, yet the company cautioned about the potential for revenue decline in the current quarter. Toast has reported adjusted EBITDA and revenue figures for Q2 that surpassed estimates. Meanwhile, Super Micro’s fiscal results failed to meet expectations, with the company also guiding lower earnings for the current quarter. Additionally, Lucid missed its second-quarter projections and has reduced its annual production forecasts.
In related news, Disney’s ESPN is set to acquire the NFL Network and other media assets from the league, granting the NFL a 10% equity stake in the sports network in return.
On the cryptocurrency front, the Securities and Exchange Commission has clarified that activities related to liquid staking are not considered securities under federal law. Liquid staking allows investors to stake their crypto assets through a third party, providing them with tokens that represent their ownership and rewards while maintaining liquidity.
This mix of earnings reports highlights the ongoing volatility and dynamic nature of the market, as investors weigh the implications of these results on future performance. It is a reminder of the ever-evolving economic landscape and the potential for opportunities ahead.