Dow Futures Tick Higher After Selloff Resumes

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© Reuters.

By Oliver Gray – U.S. stock futures were trading slightly higher during Thursday’s overnight deals after major benchmark indices closed lower during regular trade, refreshing multi-month lows as recession fears continue to grow.

By 6:50pm ET (10:50pm GMT) and were 0.3% higher while lifted 0.4%.

In extended deals, Adobe Systems Incorporated (NASDAQ:) traded 3.8% lower after Q2 EPS of $3.35 versus $3.31 expected on revenues of $4.39 billion versus estimates of $4.35 billion. However, forecasts came in lighter than expected with Q3 2022 EPS seen at $3.33 versus $3.40 and revenue at $4.43 billion versus $4.51 billion.

United States Steel Corporation (NYSE:) added 6.8% as estimates for the second quarter came in higher than expected, with adjusted EBITDA expected around $1.6 billion, while adjusted EPS is expected to range from $3.83 to $3.88, versus $3.20 expected.

Ahead in the session, traders will be monitoring fresh data for May.

During Thursday’s regular deals, the dropped 2.4% or 741.5 points to 29,927.1, the fell 3.3% to 3,666.8 and the shed 4.1% to 10,646.1, hitting the lowest levels since September 2020. For the week, the Dow has declined 4.7%, the S&P 500 is 5.7% lower and the Nasdaq Composite is down 6.1%.

Technology heavyweights tumbled, with Inc (NASDAQ:) down 3.7%, Alphabet Inc (NASDAQ:) falling 3.4%, Microsoft Corporation (NASDAQ:) dropping 2.7% and Tesla Inc (NASDAQ:) shedding 8.5%.

Financial giants also retreated with JPMorgan Chase & Co (NYSE:) falling 1.7%, Citizens Financial Group Inc (NYSE:) down 3.4%, Bank of America Corp (NYSE:) dipping 0.6%, Citigroup Inc (NYSE:) losing 1.5% and Wells Fargo & Company (NYSE:) retreating 1.4%.

On the data front, dropped 14.4% in May, steeper than 2.6% expected, while the for June came in at negative 3.3, posting the first contraction since May 2020.

On the bond markets, rates eased to 3.195%.