Traders work on the floor of the New York Stock Exchange.
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Dow futures rose Wednesday night after IBM reported better quarterly results.
Dow Jones Industrial Average futures rose 67 points, or 0.2%. Futures tracking S&P 500 futures and Nasdaq 100 futures flickered near the flatline.
Electric car maker Tesla fell more than 2% in after-hours trading after its sales and bottom line fell short of expectations for the fourth quarter. The company warned that growth in car sales in 2024 may slow. IBM stock soared more than 7% after the technology company reported adjusted earnings and revenue that beat analysts' expectations.
In Wednesday's regular trading, the S&P 500 and Nasdaq Composite recorded their fifth day of victories, with a sharp rise in Netflix stock after the earnings call. The broader market index rose 0.08% to a new record high, while the Nasdaq rose 0.36%. The Dow Jones Industrial Average fell 0.26%.
“I have a very bullish outlook on the market, with the S&P 500 at 5,400 by the end of this year and 6,000 by the end of next year,” Ed Yardeni of Yardeni Research said on CNBC's “Closing Bell.” “We still have index targets.” Wednesday. But he cautioned that the speed with which stocks are rising could mean they are getting ahead of themselves in the short term.
“My concern is that we get there too soon and too soon,” he added.
Investors on Thursday focused on fourth-quarter gross domestic product (GDP) data, which is expected to grow at a seasonally adjusted annual rate of 2%. This reflects a slowdown from 4.9% in the third quarter. The results could be a key catalyst for stocks as investors look to gather more details on the economic situation ahead of the new year.
On the earnings front, healthcare giant Humana is expected to report its results before the bell, along with Southwest Airlines and American Airlines. After the market close, Intel, T-Mobile, and Western Digital will announce their quarterly results.
