On Wednesday, U.S. stock futures edged upward following President Donald Trump's announcement of a trade agreement with Japan, which incorporates a 15% tariff on Japanese exports to the United States. Investors are now also focusing on major earnings reports set for release later today from tech giants Tesla and Alphabet. Additionally, Hasbro, Chipotle, and Mattel are among the significant companies slated to report their earnings. On the economic data front, attention is riveted on the upcoming existing home sales figures for insights into the housing market's trajectory.
In the previous day's regular trading session, the Dow Jones Industrial Average increased by 0.4%, and the S&P 500 rose moderately by 0.06%. Conversely, the Nasdaq Composite declined by 0.39%, primarily impacted by a downturn in semiconductor stocks. Notably, Nvidia experienced a 2.4% dip, while Broadcom declined by 3.3% due to reports indicating a stall in SoftBank and OpenAI's large-scale AI initiative. The market's sentiment was further dampened by earnings misses, as Lockheed Martin tumbled 10.8% and Philip Morris dropped 8.2% following disappointing financial results. Additionally, General Motors fell 8% after cautioning of more significant profit impacts stemming from tariffs.
