U.S. stock futures pointed to a higher open Thursday as the major averages looked to put an end to their two-day skids.
Dow Jones Industrial Average futures rose 50 points, or 0.14%, while S&P 500 futures and Nasdaq 100 futures advanced 0.41% and 0.7%, respectively. Trading could be light with the U.S. Treasury market closed in observance of Veterans Day.
In stocks, Dow component Walt Disney Co. reported earnings and revenue that missed Wall Street estimates amid slowing subscriber growth for its Disney+ streaming platform. The company’s parks business, which includes theme parks, hotels and merchandise, saw sales surge 26% year over year.
Tesla CEO Elon Musk sold $5 billion of his company’s stock, according to financial filings released Wednesday. The stock sales, with more on the way, come as Musk faces a large tax bill as millions of stock options must be exercised by August 2020.
Electric-vehicle maker Rivian Inc. shares remain in focus after soaring 28% in their stock market debut on Wednesday. The company’s initial public offering was the largest since Facebook’s 2012 premiere.
Tapestry Inc. raised its annual outlook due to strong demand for luxury goods in the face of the global supply chain crisis. The Coach handbag maker surpassed Wall Street estimates for both the top and bottom lines.
Dating app maker Bumble Inc. said sequential user growth slowed for the first time as some markets implemented new COVID-19 restrictions. The slowdown resulted in users making fewer in-app purchases.
Plant-based meat maker Beyond Meat Inc. guided current-quarter sales below analysts’ expectations due to slowing demand in both grocery stores and restaurants.
In commodities, West Texas Intermediate crude oil slid 76 cents to $80.58 a barrel and gold jumped $18 to $1,866.30 an ounce.
Overseas markets rallied across the board.
European bourses posted modest gains with France’s CAC 40 and Germany’s DAX 30 ticking up 0.06% and 0.1%, respectively, while Britain’s FTSE 100 advanced 0.44%.
In Asia, Japan’s Nikkei 225 rose 0.59%, Hong Kong’s Hang Seng index added 1.01% and China’s Shanghai Composite index surged 1.15%.