By Dhirendra Tripathi
Investing.com -- Stocks wavered after a disappointing quarter for International Business Machines put pressure on the technology sector. Still, the S&P 500 touched an all-time high intraday and was positive heading into the last few minutes of the trading session.
The Dow Jones Industrial Average and the S&P 500 have stood up as investors absorb comments from corporate executives about supply chain disruptions, rising costs, and labor shortages.
International Business Machines (NYSE:IBM) shares fell 7% after missing estimates because of a decline in orders in its infrastructure business.
It has been a mostly positive earnings season so far, however. And analysts expect the profit of S&P 500 companies to rise 33.7% from a year earlier, Reuters reported, citing Refinitiv data.
Two splashy debuts hit the market on Thursday: WeWork Inc (NYSE:WE), the flexible office space operator, began trading with a valuation of $9 billion, its stock rising about 10%. It’s been about two years since the company’s ill-fated attempt at an earlier IPO.
And, in the most actively traded stock of the day, Digital World Acquisition Corp (NASDAQ:DWAC) shares jumped nearly 400% after announcing a plan to merge with Trump Media & Technology Group, a social media firm backed by former President Donald Trump, who says he’s starting a new platform.
Trump has been kicked off Twitter Inc (NYSE:TWTR)and Facebook Inc (NASDAQ:FB) and has been trying to find a new social media platform since leaving office.
On the jobs front, weekly data showed the number of people filing new jobless claims last week dropped to another 19-month low.
Travel and leisure stocks have been particularly hard hit by the pandemic, and airlines have been trying to bounce back amid a surge in coronavirus cases, labor shortages, and a sluggish rebound in business travel. That said, American Airlines Group (NASDAQ:AAL) reported a smaller-than-expected quarterly loss, and Southwest Airlines Company (NYSE:LUV) posted a smaller loss.
Here are three things that could affect markets tomorrow:
1. Schlumberger earnings
Schlumberger NV (NYSE:SLB)will report its third-quarter earnings Friday. The company is expected to report profit per share of 35 cents on revenue of $5.94 billion, according to analysts tracked by Investing.com.
2. Honeywell earnings
Honeywell International Inc (NASDAQ:HON)’s third-quarter earnings per share are seen coming in at $1.99 and revenue at $8.65 billion.
3. Amex earnings
American Express Company (NYSE:AXP)’ third-quarter revenue is expected to touch $10.54 billion with profit per share coming in at $1.77.