US futures barely moved after yet another negative session on Wall Street.
US futures, at around 1.30 pm Italian time, were mixed: those on the Dow Jones dropped 0.12%, those on the S&P 500 advanced by 0.13% and those on the Nasdaq showed an increase of 0.55%.
The US stock market continues to discount the prospect of a global recession.
Yesterday, the Dow Jones Industrial Average lost 252.40 points (-0.76%) to 33,044.56, suffering its third consecutive session of losses and erasing the gains reported in the earlier year rally. Now the index is down 0.31% in 2023.
The S&P 500 was down 0.76% to 3,898.85 and the Nasdaq Composite fell 0.96% to 10,852.27.
The three major US stock indices are set to end the week in the red.
In particular, with its 3.67% decline, the Dow Jones is preparing to end the worst week since September.
The S&P 500 has lost more than 2.5% since the beginning of the week and is facing the worst weekly trend since December.
The Nasdaq is down more than 2%, and will end the week in negative territory after two consecutive weeks of gains.
The protagonist of today’s session is Netflix, after the US streaming giant published its fourth quarter results. Markets are eyeing a boom in subscriber numbers of +7.66 million in the last three months of 2022, well above the estimated 4.57 million subscribers.
Netflix also announced that co-CEO Reed Hastings will leave his current position to become executive chairman of the group.
Greg Peters, COO of Netflix, will assume the position of co-CEO, together with Ted Sarandos.
After the publication of the quarterly, Netflix stock has soared up to +8% in afterhours trading on Wall Street.
Now Netflix’s shares are up more than +6% in the pre-market on Wall Street.
Attention also to Alphabet, the parent company of Google, which has announced the cut of about 12,000 employees, or 6% of the workforce. Alphabet shares rallied around 3.7%.
On the US fixed income market, 10-year Treasury rates rise to 3.431%, while two-year rates rise to 4.118%.
Yesterday’s weekly initial jobless claims report found that the number of US workers filing for benefits slipped to 190,000 in the week ending Jan. 14, far below the expected 215,000. . In confirming the solidity of US employment, the figure has rekindled bets on the intention of Jerome Powell’s Fed to continue raising rates on fed funds.