Apr 25, 2024 (MENAFN via COMTEX) --
(MENAFN - Baystreet) S&P Little Changed as Bond Situation Dampen Earnings Enthusiasm
Higher Rates Offset Strong Earnings, Stocks Fall
NASDAQ Rises for 3rd Day
Futures Nudge Higher Mid-Week Wednesday
Strong Earnings Propel Stocks Higher Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Thursday, April 25, 2024
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U.S. stock futures fell Thursday after tech juggernaut Meta Platforms reported quarterly results that disappointed investors.
Futures for the Dow Jones Industrials tumbled 225 points, or 0.6%, to 38,455.
Futures for the broader index sank 35.25 points, or 0.7%, to 5,071.75.
Futures for the
NASDAQ Composite slid 190.25 points, or 1.1%, to 17,474.25.
Meta plunged 12% in premarket trading after the social media giant issued light revenue guidance for the second quarter. That would be the stock's biggest one-day decline since October 2022. International Business Machines also fell 8% after missing consensus estimates for first-quarter revenue.
Meta's report raises concern ahead of other big tech releases. Microsoft and Alphabet are slated to post earnings after the close Thursday.
Traders will watch out for the first-quarter reading of the U.S. gross domestic product, due at 8:30 a.m. ET Thursday. Economists polled by Dow Jones expect that real GDP came in at 2.4%. Weekly jobless claims are also due.
In Japan, the Nikkei 225 slid 2.2% Thursday, while in Hong Kong, the Hang Seng gained 0.5%.
Oil prices nicked ahead 40 cents to $83.21 U.S. a barrel.
Gold prices lost 0.1 cents to $2,314.20 U.S. an ounce.
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