U.S. stock futures fell on Wednesday night after tech juggernaut Meta Platforms reported its latest quarterly results.
Futures tied to the Dow Jones Industrial Average fell 76 points or 0.2%.
S&P 500 futures slid 0.6%, and Nasdaq 100 futures dropped 1%.
Meta plunged 15% in extended trading after the social media giant issued light revenue guidance for the second quarter.
The moves follow a mixed day for the stock market, as rising Treasury yields on Wednesday placed downward pressure on stocks.
Traders will watch out for the first-quarter reading of the U.S. gross domestic product, due at 8:30 a.m.
Fed funds futures trading suggests the first cut could take place at the September Fed meeting, according to CME FedWatch Tool.
Companies set to report earnings before Thursday’s opening bell include Caterpillar , Honeywell , Northrop Grumman , American Airlines , Comcast , Merck and Bristol-Myers Squibb .
You. s. Wednesday night saw a drop in stock futures following the release of Meta Platforms’ most recent quarterly earnings, a tech giant. Additionally, traders anticipated the publication of important economic data later this week.
It dropped 76 points, or 0.2 percent, for futures linked to the Dow Jones Industrial Average. Futures for the SandP 500 fell 0.6 percent, while those for the Nasdaq 100 fell 1%.
After the social media behemoth provided cautious revenue guidance for the second quarter, Meta fell 15% during extended trading. After its first-quarter revenue fell short of consensus expectations, International Business Machines saw an 8% decline in share price.
The actions come after a volatile day for the stock market on Wednesday due to downward pressure on stocks from rising Treasury yields. The Nasdaq Composite gained 0 points1 percent, and the S&P 500 edged higher by 0.02%. The Dow, which consists of 30 stocks, dropped 0 points11%.
The U.S. data for the first quarter will be closely watched by traders. s. economic output, which is anticipated at 8:30 a.m. me. ET on Thursday. According to a Dow Jones survey of economists, real GDP was projected to have increased by 2.4 percent. Furthermore due are weekly unemployment claims.
Friday will see the release of the Federal Reserve’s preferred inflation indicator for March, the personal consumption expenditures price index. A 0.3 percent monthly increase and a 2 percent increase from a year ago are what economists are predicting.
The central bank’s future course for interest rate policy will be guided by these data points. According to CME FedWatch Tool, Fed funds futures trading indicates that the first cut may occur during the September Fed meeting.
But according to Anastasia Amoroso, chief investment strategist at iCapital, earnings appear solid enough to support stock prices.
On CNBC’s “Closing Bell” on Wednesday afternoon, she stated, “Even if the Fed does stand pat, I think this could be a supportive environment for stocks.”. Investors’ expectations for returns have actually increased since the start of April. “.
Businesses including Caterpillar, Honeywell, Northrop Grumman, American Airlines, Comcast, Merck, and Bristol-Myers Squibb are scheduled to release their earnings before Thursday’s opening bell.
Disclosure: CNBC’s parent company, NBCUniversal, is owned by Comcast.
