Futures for U.S. stock markets pointed downward Tuesday night after a mixed day on Wall Street where strong earnings failed to sufficiently answer investor doubts about how high the record-setting summer can go.
The indicator for the S&P 500 was off 0.14%, the Dow Jones Industrial Average 0.1% and the Nasdaq 0.14% at 10:50 p.m. EDT.
The downward indication is a sign investors are wondering whether or not this earnings season can sustain the back-to-back records set on Wall Street in the past two weeks. A miss on subscriber numbers by streamer Netflix (NFLX) - Get Report on Monday hammered the company's stock Tuesday -- down 13.13% -- and continues to weigh on traders' minds despite strong figures from banks.
The S&P closed down for a second day, paring 0.14% while the Dow set yet another record after six straight days of gains. It closed up 0.14% at 18,559.01. The Nasdaq lost 0.38% as investors there clearly fretted over Netflix.
The U.S. wasn't the only mixed stock market on Tuesday. Bourses in Europe also had trouble agreeing on a direction as mostly strong earnings data contrasted with gloomy economic indicators in the U.K. and Germany. The DAX in Frankfurt fell 0.81% while London's FTSE gained a scant 0.03%. Meanwhile in Paris, investors sold the CAC down 0.63%.
Asian markets opened in the red as investors feared the mixed close in New York means the record-setting days are over - for the moment. The Nikkei was off 0.75% at 8:55 p.m. EDT with Hong Kong's Hang Seng down 0.6% and South Korea's Kospi off 0.47%.
The pound followed suit with these markets and entered a second day of declines in early Asian trade, off 0.18% at $1.3077 at 9:12 p.m. EDT. Meanwhile, oil recovered after two down days with industry standard Brent crude up 0.21% at $46.76 per barrel for delivery in September and West Texas crude up 0.11% to $44.70 for delivery next month at 8:48 p.m. EDT.
Earnings impacted extended trading with Microsoft's (MSFT) - Get Report rosy report pushing it 4.2% higher to $55.34. Investors cheered its Office 365 subscription growth, resulting in a 19% increase in consumer revenue in the fourth quarter and 5% growth in business-related Office revenue. They were also pleased with revenue at its Azure corporate server business doubling.
Shares in drugmakers Valeant Pharmaceuticals (VRX) and Progenics Pharmaceuticals (PGNX) - Get Report also got a shot in their extended trading arms after fresh FDA approvals. An FDA committee recommended approval of a new Valeant treatment for psoriasis while the regulatory body gave its OK for Relistor, which was developed jointly by the two to treat opioid-induced constipation.
Valeant gained 4.33% to $24.56 while Progenics exploded 36.64% to $6.75.