Futures Flat Amid Earnings

U.S. stock futures were little changed Wednesday as traders continued to review corporate reports in a busy earnings season.

Futures for the Dow Jones Industrials dumped 63 points, or 0.2%, early Wednesday to 31,727.

Futures for the S&P 500 fell back 8.5 points, or 0.2%, to 3,929.

Futures for the NASDAQ Composite parted with 16.75 points, or 0.1%, to 12,257.25.

Netflix surged more than 7% in after-hours trading after saying it lost only 970,000 subscribers in the second quarter, less than the two million it had previously projected. The streaming giant’s earnings per share also came in above analyst expectations.

Biogen and Baker Hughes are among the companies set to report later in the morning. Tesla and United Airlines are slated to post their latest quarterly results after the close.

About 10% of S&P 500 companies have reported earnings thus far. Of those companies, nearly 69% have beaten analyst expectations.

Investors had been awaiting this earnings season as they search for clues on how companies are faring with inflation at levels not seen in 40 years.

Bank of America’s latest survey of professional investors showed that deteriorating investor sentiment has potentially set up a buying opportunity in the market. The U.S. dollar, which recently surged to a 20-year high against the euro, softened, giving the rally more steam.

In Japan, the Nikkei 225 jumped 2.7% Wednesday. In Hong Kong, the Hang Seng gained 1.1%

Oil prices settled $1.45 to $102.77 U.S. a barrel.

Gold prices lost five dollars to $1,705.70 U.S. an ounce.