The Nasdaq Composite Is On Track For Its Worst January Ever

The Nasdaq Composite Is On Track For Its Worst January Ever

Equity index futures are inching lower in premarket trading and pointing to a lower open. The Nasdaq Composite ($COMP) is working on its worst January ever, falling more than 15% so far this month; unless something drastic happens on Friday, it'll have its fifth down week in a row. However, the Dow Jones Industrial Average futures are leading the premarket slide on earnings reports from constituents Chevron (CVX) and Caterpillar (CAT). Earnings season continues with a surprising miss from Chevron (CVX). CVX missed on earnings estimates despite better than expected revenues. With the rise in oil prices, many investors were surprised to see CVX fall short. However, Chevron CEO Michael Wirth said that the company is being cautious about capital expenditures and increased drilling projects. Yesterday, Chevron hit a new high after announcing a dividend increase. Chevron rival Phillips 66 (PSX) was able to beat on earnings estimates. CVX fell more than 3% in premarket trading. PSX rose 0. 56% in premarket trading. Heavy machinery maker Caterpillar (CAT) beat on top and bottom line numbers, but it still fell 2% in premarket trading. The company was able to navigate supply chain and inflation issues well, but investors appear concerned about