U.S. stock futures rose on Thursday after ending on a mixed note on Wednesday. Futures of major benchmark indices were higher, except for the small-cap gauge Russell 2000.
Shares of freight transportation and logistics provider Saia (NASDAQ:SAIA)
fell 3% in the morning session after its peer, Old Dominion Freight Line, reported disappointing second-quarter results that fueled sector-wide concerns. Old Dominion, a major trucking company, posted second-quarter earnings and revenue that both fell short of Wall Street's expectations. This miss signaled ongoing softness in the domestic economy, a sentiment echoed by Old Dominion's management. The news weighed on the broader logistics sector, adding to existing investor jitters. Saia's own recent performance likely made it more susceptible to the negative sentiment, as the company had reported a year-over-year decline in its second-quarter net income and earnings per share just days earlier. This followed a recent downgrade from analysts at Stifel, which had cited concerns over the company's sluggish volumes and margin erosion.
A number of stocks fell in the afternoon session after bellwether United Parcel Service (UPS) reported weak earnings and withheld its full-year guidance, citing “macro-economic uncertainty” and low consumer sentiment.
A number of stocks fell in the afternoon session after bellwether United Parcel Service (UPS) reported weak earnings and withheld its full-year guidance, citing “macro-economic uncertainty” and low consumer sentiment.
A number of stocks fell in the afternoon session after bellwether United Parcel Service (UPS) reported weak earnings and withheld its full-year guidance, citing “macro-economic uncertainty” and low consumer sentiment.
Shares of global car rental company Hertz (NASDAQ:HTZ)
fell 3.4% in the afternoon session after bellwether United Parcel Service (UPS) reported weak earnings and withheld its full-year guidance, citing “macro-economic uncertainty” and low consumer sentiment.
Shares of parcel delivery company UPS (NYSE:UPS)
fell 8.8% in the afternoon session after the company reported second-quarter results that missed profit expectations and refrained from providing a full-year financial outlook, citing economic uncertainty. The shipping giant posted an adjusted earnings per share of $1.55, just shy of the $1.57 analysts had predicted. While revenue of $21.2 billion was slightly ahead of forecasts, it represented a nearly 3% decline from the previous year. The company's decision to not issue new full-year guidance appeared to be a significant driver of the stock's decline, as management pointed to "macro-economic uncertainty." Adding to the concerns, UPS’s U.S. domestic operating margin of 7% came in below the forecast of 7.3%, signaling pressure on profitability.
Join us in exploring the top gainers and losers within the S&P500 index one hour before the close of the markets on Tuesday as we examine the latest happenings in today's session.
Risk appetite took a breather Tuesday, with major U.S. stock indices retreating modestly from record highs as investors braced for a pivotal stretch of earnings and macro events.
