Futures rise after inflation-driven rout, Disney shares tumble

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(Businesshala) – US stock indexes were set to rebound on Thursday from a two-day selloff on signs of prolonged inflation, while The Walt Disney Company slowed growth in its streaming video service.

FILE PHOTO: A trader works inside a booth on the floor of the New York Stock Exchange (NYSE) in New York City, US November 8, 2021. Businesshala/Brendan McDermid

The S&P 500 and Nasdaq broke their eight-session all-time highs earlier this week, as investors profited from recent gains, while easing risk appetite even under price pressure.

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Inflation warnings from the United States and other major economies have been a top concern for investors this week, especially as third-quarter earnings season comes to an end due to a lack of market-driven catalysts.

The Walt Disney Company posted a 4.8% decline in premarket trading to lead the decline among Dow constituents, as it posted its smallest growth in Disney+ subscriptions since the service’s launch and downbeat profits in its theme park division. did.

Tesla Inc gained 2.6%, having lost some ground in a 12.6% drop earlier in the week, even after filings that chief executive and top holder Elon Musk nearly stoked in recent days. $5 billion worth of stock was sold.

Other mega-cap technology and communications stocks, including Google-owner Alphabet Inc., Microsoft Corp., Meta Platform Inc., formerly known as Facebook, Apple Inc. and Amazon.com Inc., rose between 0.3% and 0.8%.

Shares of big banks JPMorgan Chase & Co and Bank of America, as well as The Boeing Company and Caterpillar Inc., also gained.

At 7:04 a.m. ET, the Dow E-Minis were up 51 points, or 0.14%, the S&P 500 E-Minis was up 17.5 points, or 0.38%, and the Nasdaq 100 E-Minis was up 104.5 points, or 0.65%.

Amazon-backed electric-vehicle maker Rivian Automotive Inc jumped 4.9%, up nearly 30% on its blockbuster trading debut.

The Coach handbag maker forecast its annual sales after Tapestry Inc. gained 4.2%, boosted by a strong rebound in demand for luxury goods.

Market participants were also watching the developments surrounding the nomination of the Federal Reserve chair, with President Joe Biden still weighing whether to keep Jerome Powell for a second term or promote Fed Governor Lyle Brainard to the position.

Reporting by Devik Jain in Bengaluru; Editing by Aditya Soni


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