Dow futures tick higher, focus on FOMC minutes

By Oliver Gray 

Investing.com - U.S. stock futures were trading slightly higher during Tuesday’s evening trade, after major benchmark averages suffered significant losses as fears of higher interest rates sapped risk appetite, while the United States 10-year yield reached fresh 3-month highs.

By 18:35 ET (23:35 GMT) Dow Jones futures,S&P 500 futures, and Nasdaq 100 futures added 0.1% apiece.

In extended deals, CoStar Group Inc (NASDAQ:CSGP) lost 14.9% after reporting Q4 EPS of $0.38 versus $0.35 expected, while revenues came in at $573 million versus $569.64M expected. Looking ahead, the company forecasted FY2023 EPS of $1.06-$1.09 versus $1.47 expected.

Palo Alto Networks (NASDAQ:PANW) lifted 7.5% after reporting Q2 EPS of $1.05 versus $0.78 expected while revenues were reported at $1.7 billion versus $1.65B expected.

Coinbase (NASDAQ:COIN) fell 1.5% after the company reported Q4 losses of $2.46 versus expected losses of $2.51, while revenue came in at $629.1M versus $588.17M expected.

ZipRecruiter Inc (NYSE:ZIP) fell 13.4% after reporting Q4 EPS of $0.17 versus $0.09 expected on revenues of $210.5M versus $204.02M expected. Looking ahead, ZipRecruiter sees Q1 2023 revenue of $179M versus $207.12M expected.

Ahead in Wednesday’s trade, market participants will be closely monitoring the latest FOMC meeting minutes as well as a speech from FOMC member Williams.

Among earnings, companies including NVIDIA Corporation (NASDAQ:NVDA), eBay Inc (NASDAQ:EBAY), Garmin Ltd (NYSE:GRMN), and Etsy Inc (NASDAQ:ETSY) are slated to deliver results.

During Tuesday’s regular session, the Dow Jones Industrial Average dipped 697.1 points or 2.1% to 33,129.6, the S&P 500 fell 81.8 points or 2% to 3,997.3, and the Nasdaq Composite shed 295 points or 2.5% to 11,492.3.