Wall Street under pressure: Dow Jones futures drop 130 points (-0.30%), S&P 500 futures drop 0.57%, while Nasdaq futures lose more than 1%.
Attention is still focused on the quarterly reports. The negative protagonist is Lyft, the private transport car services company, Uber’s rival, which announced a quarterly report and an outlook mercilessly rejected by the market. In the pre-market, the stock has dropped by more than 33%.
Expedia also lost, down more than 2%, after the tourism company announced it finished the fourth quarter of 2022 with adjusted EPS of $1.26, lower than consensus expectations of $1.67 , on revenues of $2.62 billion, below the $2.70 billion forecast.
Paypal isn’t doing well either: fourth-quarter revenue weighs in at $7.38 billion, down from $7.39 billion. Also watch out for the statement by CEO Dan Shulman, who announced that he will resign at the end of 2023. The PayPal stock turns positive after the weakness of the last few hours.
Yesterday, the Dow Jones fell nearly 250 points, the S&P 500 fell 0.9%, while the Nasdaq Composite underperformed the market with a decline of 1.02%.
The fear of new monetary tightening, combined with some quarterly reports that have been disclosed in recent days, led the three main US stock indexes to end the week in the red.
The S&P 500 is set to close down 1.3%, while the Dow Jones is down -0.6% week to date. The Nasdaq Composite suffers the most, with a weekly loss of 1.8%.