S&P 500 futures rise, helped by Nike and FedEx earnings

Stock futures were higher on Tuesday night.

Dow Jones Industrial Average futures added 124 points, or 0.4%. S&P 500 futures rose 0.3% and Nasdaq 100 futures climbed 0.4%.

Investors were digesting earnings from Nike and FedEx which sent both companies higher in after-hours trading.

Nike shares rose 12% after apparel maker beat Wall Street expectations for quarterly earnings and revenue. Meanwhile, FedEx gained 3% as the package delivery giant beat consensus estimates on earnings per share. However, the company fell short of revenue expectations.

During the regular session, the Dow Jones rose more than 92 points, or almost 0.3%. The S&P 500 climbed 0.1% and the Nasdaq Composite edged up 0.01%. All three major indexes snapped a four-day losing streak, breathing new life into hopes of a year-end rally.

The modest gains came even after the Bank of Japan moved to widen its cap on the 10-year Japanese government bond yield, leading to a rise in the 10-year US Treasury yield that initially rattled traders.

“Let’s focus on the positive… From a fundamental standpoint, the market has taken a pretty good hit and held its own,” Joe Terranova of Virtus Investment Partners said on CNBC’s “Closing Bell: Overtime” on Tuesday. .

There is a “tremendous amount of resilience” in the market, he added, saying that should be the goal for investors through 2023.

Investors await another batch of data due Wednesday morning, starting with the Mortgage Bankers Association’s weekly measurement of nationwide home loan applications. Traders will also receive updates on existing home sales and consumer confidence data.

There are still a few big names left to declare their income before the Christmas holidays. RiteAid and Cintas will report before the bell on Wednesday. Micron will report after the bell.

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