A trader works on the trading floor of the New York Stock Exchange (NYSE) in New York on August 3, 2022.
Andrew Kelly | Reuters
US stock futures were lower on Tuesday night.
Futures for the Dow Jones industrial average fell 77 points, or 0.23%. S&P 500 and Nasdaq 100 futures fell 0.23% and 0.26%, respectively.
Meanwhile, stocks Moderna rose more than 6% The prolonged trade came after the drug company said a vaccine targeting respiratory syncytial virus could prevent the disease in older people.
During Tuesday’s regular session, the Dow fell 391 points, or 1.14%. Shares of Goldman Sachs fell — and dragged on the 30-stock index — after the bank posted A revenue miss. The S&P 500 fell 0.20%. Meanwhile, the tech-heavy Nasdaq Composite was the only major average to buck the trend, rising 0.14%.
Those moves follow earnings results from big banks that diverge the paths forward for names in the same sector. Shares of Goldman Sachs fell more than 6% following a drop in investment banking and asset management revenue. Meanwhile, Morgan Stanley gained 5.9%, boosted by better-than-expected wealth management earnings.
“This is a very important earnings season to find out whether or not companies can weather the storm, and how long they can weather it,” SoFi’s Liz Young said Tuesday on CNBC’s “Closing Bell: Overtime.”
“I still think we’re at a point where the market is rallying on more bad news. And that means the Fed will taper, the Fed will pause, the Fed will go ahead, the Fed will stop sooner than they say they will. They will. I think we’re tabulating. It’s not about the Fed anymore,” Young added.
Traders await economic reports on Wednesday, including the latest data on the producer price index and retail sales.
Economists polled by Dow Jones expect the producer price index to have fallen 0.1% in December, following a 0.3% rise in the previous month.
Meanwhile, retail sales are expected to fall 1% in December, according to consensus estimates. The previous reading showed a decline of 0.6%.
Corporate earnings season continues with earnings on Wednesday at JP Hunt Transport Services, Charles Schwab, PNC Financial Services Group and Discover on Tech.
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