Dow Futures Tick Higher as Recession Fears Loom

This post was originally published on this site – Dow futures were trading slightly higher during Thursday’s evening deals after major benchmark indices extended losses during the regular session as investors continued to retreat on fears that Federal Reserve rate hikes to fight rapid inflation would tip the economy into a recession.

By 6:45pm ET (10:45pm GMT) Dow Jones Futures and S&P 500 Futures added 0.1% apiece while Nasdaq 100 Futures were up 0.3%.

In extended deals, Ross Stores Inc (NASDAQ:ROST) fell 22.5% after reporting Q1 EPS of $0.97 versus $1.02 expected on revenues of $4.33 billion versus $4.53 billion expected.

Palo Alto Networks Inc (NASDAQ:PANW) gained 10.3% as the company reported Q3 EPS of $1.79 versus $1.68 expected. Revenue for the quarter came in at $1.39 billion versus estimates of $1.36 billion.

Applied Materials Inc (NASDAQ:AMAT) fell 1.1% as quarterly results missed analyst estimates. The company reported Q2 EPS of $1.85 versus $1.90 expected, while revenue for the quarter came in at $6.25 billion versus $6.35 billion. CEO Gary Dickerson noted that the company is “constrained by on-going supply chain issues.”

Deckers Outdoor Corporation (NYSE:DECK) moved 13.1% higher after reporting Q4 EPS of $2.51, beating analyst’s estimates of $1.32. Revenue for the quarter came in at $736 million versus estimates of $639.2 million. The company’s full-year revenue guidance was also above expectations.

VF Corporation (NYSE:VFC) gained 1.2% after reporting Q4 EPS of $0.45, slightly under estimates of $0.46 while revenue came in at $2.8 billion versus $2.83 billion expected.

During Thursday’s regular trade, the Dow Jones Industrial Average dropped 236.94 points, or 0.75%, to 31,253.13, S&P 500 fell 22.9 points or 0.6% to 3,900.8 and the NASDAQ Composite fell 0.26% to 11,388.50.

On the bond markets, United States 10-Year yields were at 2.837%.