The U.S. stock market faced a setback as Meta Platforms, formerly known as Facebook, reported weak revenue guidance for the second quarter. This news caused a drop in U.S. stock futures, with the Dow Jones Industrial Average futures falling by 0.2%, S&P 500 futures sliding 0.6%, and Nasdaq 100 futures falling by 1%.
Investors are keeping a close eye on key economic data, including first-quarter GDP and personal consumption expenditures, as well as rising Treasury yields. The S&P 500 and Nasdaq Composite managed to edge higher, while the Dow Jones lost ground.
Analysts are predicting a 2.4% growth in U.S. GDP for the first quarter, with inflation expected to rise by 2.6%. Fed funds futures trading indicates a potential interest rate cut at the September Fed meeting.
Despite the economic uncertainties, iCapital’s chief investment strategist remains optimistic about strong earnings supporting stocks. Companies set to report earnings before Thursday’s opening bell include Caterpillar, Honeywell, American Airlines, and Comcast, among others.
Overall, the stock market is facing some challenges with the news from Meta Platforms, but analysts and investors are hopeful for positive earnings reports from major companies that could potentially support the market in the coming days. Stay tuned to Celebrity Beauty Buzz for the latest updates on market trends and how they may impact your investments.
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