Illustration by Michael Haddad
6:44 a.m. One day after the Federal Reserve gave the market exactly what it wanted, the Dow Jones Industrial Average appears to be taking a breather as earnings remain in focus.
Dow futures have dipped 7 points, while S&P 500 futures have ticked up 0.1%, and Nasdaq Composite futures have advanced 0.4%.
The Federal Reserve delivered the goods on Wednesday, but the stock market is still a market of stocks, and mixed earnings have the Dow set to start Thursday near where it ended yesterday. Microsoft (MSFT) was off 2.1% at $104.12 following disappointing sales, while Facebook (FB), not a Dow component, has jumped 12% to $168.40 after beating earnings forecasts. General Electric (GE) has gained 4.4% to $9.50 after missing on earnings but reporting better-than-expected sales.
And don't forget, China and the U.S. are talking trade, and the outcome could help determine whether stocks can build on what the Fed. "So, focus will move back to earnings (there are a lot o f report s today and GE has started us on the right foot) and any headlines from the U.S./China trade talks," writes Tom Essaye of the Sevens Report. "Regarding U.S./China trade, we don't expect a deal from this meeting, but more reports of progress will support (and likely extend) yesterday's rally."
Write to Ben Levisohn at Ben.Levisohn@barrons.com