Nasdaq-100 futures fell 1.8% early Thursday as investors digested third-quarter earnings from Meta Platforms and Tesla. Chip stocks slid in premarket trading, and markets traded lower globally.
Nasdaq-100 futures dropped 1.8% early Thursday after Big Tech earnings landed. S&P 500 futures fell 1.02%, and Dow Jones Industrial Average futures ticked down 0.66%.
Markets traded lower globally as oil prices climbed and investors assessed a slew of earnings, according to CNBC.
Meta rises and Tesla slips despite beats
Meta gained 0.74% in premarket trading after it delivered a revenue beat on Wednesday along with strong guidance for the current quarter. Tesla, meanwhile, reported a better-than-expected top and bottom line for its third quarter, yet its shares were 4.59% lower in premarket.
Dan Ives of Yorkville Ives commented on Meta's results in a post-earnings note. He said spending is "better controlled than feared" as Meta narrowed the range for its full-year data center-related capital expenditures.
Chip stocks fall in premarket
Many technology names traded lower in early premarket. Intel and Marvell Technology were both down more than 5%, Micron Technology fell 3.5% and Qualcomm lost 2.94%. Nvidia shares were 2.2% lower.
The drop follows a positive day on Wall Street. The Nasdaq Composite closed 1% higher, catching a tailwind from SpaceX and Tesla, while blowout quarterly results from SpaceX fueled investor excitement for the artificial intelligence trade.
Europe and Asia trade lower
Europe's Stoxx 600 index was down 1% in morning deals, while France's CAC 40 fell 1.34%. In Asia, Japan's Nikkei 225 declined 0.73% and Hong Kong's Hang Seng Index was down more than 2%.
Thursday's calendar adds more to watch. Procter & Gamble, Lockheed Martin, Valero Energy and Honeywell are due to report results, and weekly initial jobless claims are set for release in the morning.
Source: CNBC
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