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Stock futures rise following Tuesday’s losses in the Nasdaq

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Traders in the NYSE Floor, May 17th 2022.

Source: NYSE

U.S. stock futures rose after Tuesday’s Nasdaq Composite fell during the regular sessions. It was following Snap’s warning that the index would experience slowing growth, which could have an impact on the tech-heavy market.

Dow Jones Industrial Average futures climbed 111 points (or 0.4%) S&P 500 and Nasdaq 100 futures climbed 0.4% and 0.6%, respectively.

Nordstrom shares gained more than 10 percent in extended trading, following the retail giant’s announcement surpassed sales expectationsThe company’s full-year outlook was raised. This retailer saw a spike in customers looking to refresh their closets for long-awaited events.

The Nasdaq Composite fell 2.4% during regular trading while the S&P 500 slid 0.8%. Even though it had fallen as high as 1.6% earlier, the Dow gained 0.2% on a late-day reverse.

Snap issued a warning to the industry that it would not tolerate losses in its Nasdaq stock after the company warned the sector. The Snap warning rattled the digital advertising market, which demolished social media stocks such as Twitter and Google parent Alphabet. Snap’s stock prices plunged by 43% after Snap warned that they will. miss its own earnings and revenue targets.

“It shows me how much technology, comm and services are still owned,” Link said. They’re also the ones being hit hardest. Snap surprised almost everyone,” Stephanie Link from Hightower was chief investment strategist.

“I believe we’re living in very difficult times. She continued, “I’ve said we’ll be in a choppy climate all year because there are so few unknowns.”

This week, traders will continue to scrutinize earnings reports to determine how companies handle inflationary pressures. Dick’s Sporting Goods should report earnings on Wednesday prior to the bell. Snowflake, Nvidia and other companies will report quarterly after the bell.

Trader’s attention is also drawn to the most recent reports from the Federal Open Market Committee on the weekly mortgage applications as well as orders for durable goods before the markets open. Investors await the minutes of the Federal Open Market Committee’s most recent meeting.

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