Stock futures edged lower on Thursday evening, with Wall Street set to end the week on a positive note. The Dow Jones Industrial Average futures ticked down 14 points, or less than 0.1%, while S&P 500 futures dipped 0.1% and Nasdaq 100 futures were lower by 0.2%. This came after a moderately positive day on Wall Street. On Thursday, the Dow rose about 462 points, or 1.06%, and the S&P 500 added 0.53%. The Nasdaq Composite was little changed, closing 0.03% higher. Nvidia's shares closed up 0.5% after beating earnings expectations, demonstrating the strength of the U.S. market's largest company during earnings season. All three major averages are on track for a positive week, with the Nasdaq Composite leading the way with a 1.56% gain. This is a change from last week when the post-election rally seemed to slow down. Nuveen CIO Saira Malik attributed this to two factors: recovery from the post-election hangover in the first week and the reaction to Nvidia's earnings.Impact of Earnings Reports on Market Action
Earnings reports played a significant role in driving market action in extended trading. Gap's shares jumped 15% after the company exceeded earnings estimates and raised its full-year sales guidance. However, Intuit slid more than 5% despite beating expectations on both the top and bottom lines. This shows the varying reactions of different stocks to earnings reports.In after-hours trading, two retail stocks surged. Gap's shares climbed 15% on the back of strong earnings, while Ross Stores popped 7% after reporting earnings per share of $1.48, ahead of the $1.40 projected by analysts. These examples highlight the importance of earnings reports in influencing stock prices.Wall Street's Winning Weeks and Key Indices
Wall Street is on track for its second positive week in three across the board if the stock market holds up on Friday. The Nasdaq Composite is up 1.56% week to date, the S&P 500 is up 1.33% week to date, and the Dow is up 0.98% week to date. Additionally, Thursday's 1.06% rally for the Dow was its best day since Nov. 6. These gains demonstrate the resilience of the stock market.Texas Pacific Land's Index Inclusion
Energy stock Texas Pacific Land is set to join the S&P 500 next week as Marathon Oil is being acquired by ConocoPhillips. S&P Dow Jones Indices announced this move as part of a series of index changes on Thursday evening. In related moves, Mueller Industries will move up to the S&P MidCap 400 and Atlas Energy Solutions will join the S&P SmallCap 600. These changes will take effect prior to the open of trading on Nov. 26. Texas Pacific Land, based in west Texas, has a market cap of around $35 billion. This addition to the S&P 500 will have an impact on the index and the broader market.Stock Futures Open and Market Overview
Stock futures opened slightly lower on Thursday evening. Nasdaq 100 futures saw the biggest move, falling about 0.2%, while Dow and S&P 500 futures were down around 0.1%. This indicates the initial sentiment in the market as it starts a new trading day. Investors will be closely watching various factors such as preliminary purchasing managers index reports for November and an updated consumer sentiment reading on Friday. They will also keep an eye on bitcoin, which is trading just under the $100,000 milestone. These factors will shape the market's direction in the coming days.
