U.S. futures inched higher on Wednesday morning after Netflix (NFLX) reported the highest-ever subscriber count in the fourth quarter, lifting investor sentiment. Futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) are up by 0.6%, 0.39%, and 0.16%, respectively, at 3:21 a.m. EST, January 24.
In the extended trading hours yesterday, the stock of Netflix gained 8% after disclosing an all-time high subscriber count of 260.8 million and surpassing Q4 estimates. On the contrary, 3M (MMM) stock fell 11% yesterday on mixed fourth-quarter results.
Turning to the earnings season, notable players such as Tesla (TSLA), IBM (IBM), ASML Holding (ASML), Abbott (ABT), and AT&T (T) are scheduled to report their quarterly results today.
Among the key economic releases lined up for today is a preliminary reading of S&P Global Manufacturing PMI and Services PMI for January. This data helps economists gain insights into future economic conditions, as changes in the PMIs usually precede changes in the overall economy.
Meanwhile, prices were steady at the time of writing as escalating tensions in the Middle East and indications of reduced U.S. inventory were offset by an anticipated increase in supply. The WTI crude oil futures hovered near $74.82 per barrel as of the last check.
Elsewhere, European markets opened higher on Wednesday as investors eagerly awaited the release of preliminary purchasing managers’ index (PMI) data for January.
Asia-Pacific Markets End Mixed on Wednesday
Asia-Pacific indices ended today’s trading session on a mixed note. Chinese and Hong Kong markets gained on news that Jack Ma is buying shares of Alibaba Group (BABA).
Hong Kong’s Hang Seng index and China’s Shanghai Composite and Shenzhen Component indices ended up by 3.56%, 1.8%, and 1%, respectively. Whereas, Japan’s Nikkei and Topix indices finished lower by 0.8% and 0.51%, respectively.
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