(MENAFN- Baystreet) Markets Plunge Ahead of Fed Decision
Dow Tanks 300+ as Earnings Leave Investors Cold
Indexes Fall as Earnings Disappoint
Futures Stuck Ahead of Fed Decision
Dow Soars 100+ Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Wednesday, May 1, 2024
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S&P 500 futures slipped Wednesday as investors looked ahead to the Federal Reserve's rate policy decision.
Futures for the Dow Jones Industrials dipped 76 points, or 0.2%, to 37,917.
Futures for the broader index lost 17.25 points, or 0.3%, to 5,049.75.
Futures for the NASDAQ Composite sank 102 points, or 0.6%, to 17,469.25.
Amazon advanced about 2% following better-than-expected earnings and revenue in the first quarter, while chipmaker Advanced Micro Devices tumbled 6% after issuing an in-line revenue forecast for the current quarter. Super Micro Computer slid 13% as revenue came in slightly below
the Street's consensus estimates.
Elsewhere, Starbucks tumbled 13% after the coffee giant slashed its outlook following disappointing same-store sales, while CVS Health tanked 13% after posting disappointing earnings and cutting its profit guidance.
Several notable earnings reports are also scheduled for release Wednesday, with Qualcomm and DoorDash on deck for the afternoon.
In Japan, the Nikkei 225 Index faded 0.3% Wednesday, while most markets throughout Asia were closed for Labour Day
Oil prices caved $1.19 to $80.74 U.S. a barrel.
Gold prices eked up 10 cents to $2,321.20 U.S. an ounce.
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