Subscribe to CNBC PRO for exclusive insights and analysis and live weekday programming from around the world.
U.S. stock futures remained stable in Wednesday’s early morning trading after the main averages hit record highs on opening day.
Dow futures rose 24 points. S&P 500 futures were up 0.05% and Nasdaq 100 futures were up 0.15%.
The United States’ top airline, United, fell more than 2% in extended trading on Wednesday after losing the top and bottom lines of its quarterly earnings. The airline warned that sales will continue to fall in early 2021, as the coronavirus pandemic continues.
US stocks soared to record highs on Wednesday, with the last batch of strong corporate profits coming in, with Joe Biden sworn in as commander in chief.
The Dow Jones Industrial Average rose more than 250 points to close at a record high. Microsoft had the most positive impact on Dow, adding 52 points to the index.
The S&P 500 rose 1.4%, reaching a historic record.
The Nasdaq Composite was up almost 2%, closing at a record high. The high-tech index was helped by a 16% jump in Netflix shares due to strong gains and results from subscribers of the streaming giants.
The Russell 2000 small cap benchmark burst 0.44%.
Biden was sworn in as 46th president of the United States on Wednesday, succeeding former president Donald Trump. During an inaugural address in which he asked Americans to reject efforts to sow the division and promised to work for voters who did not support him, Biden declared: “Democracy has prevailed.” Biden is expected to work on his $ 1.9 trillion coronavirus relief bill.
Wednesday “may have less to do with the inauguration than with the start of a new earnings season and with investors taking advantage of the recent performance to illuminate the winners in favor of adding some unfavorable actions from the new era that may be leading to good earnings in the quarter, “said Jim Paulsen, chief investment strategist at Leuthold Group.
“Perhaps this simply reflects a globally synchronized economic recovery, driven by unprecedented stimulus and the approach of vaccines. With such a scenario, it can rise regardless of who the president is,” added Paulsen.
The earnings season continues on Thursday with Baker Hughes, Union Pacific and Citrix reporting ahead of the bell. Intel, IBM and CSX report after closing on Thursday.
The Labor Department will release data on last week’s unemployment claims at 8:30 am on Thursday. Economists polled by Dow Jones expect 925,000 Americans to have filed for unemployment last week, down from 965,000 the week before.