European stock markets were tense
European stock markets were mixed as worries about the US banking sector and recessionary risks overshadowed investor sentiment, but corporate earnings were high.
The benchmark Stoxx 600 index traded between slight losses and gains in early trade, advancing 0.24%. The banking sector rose 0.52% after Deutsche Bank and Barclays reported better-than-expected earnings.
Shares in Deutsche Bank advanced 1.32% as it posted its 11th straight quarterly gain, while Barclays rose 4.24%.
Media stocks led the sector’s losses, down 1.42%, while industrials were 1.14% higher.
AstraZeneca and Unilever both traded cautiously on earnings.
Shares of regional bank First Republic fell nearly 30%. The bank said on Monday that deposits fell 40% in the first quarter to $104.5 billion.
AstraZeneca shares were 0.13% higher, paring earlier gains after it reported an adjusted profit of $1.93 on sales of $10.94 billion.
The company’s published consensus estimate was $1.72 per share on sales of $10.64 billion.
Nasdaq-100 future gained 0.8%
US stock futures advanced as Wall Street cheered Facebook parent Meta’s latest quarterly results.
Nasdaq-100 futures advanced 0.84%, while the S&P 500 advanced 0.53%. Futures tied to the Dow’s Industrial Average were up 70 points, or 0.2%.
Shares of Meta advanced 11% as the company reported quarterly earnings. The company also issued stronger guidance.
The Dow lost 228.96 points, or 0.68%, on Wednesday. The S&P 500 fell 0.37%, while the tech-heavy Nasdaq Composite rose 0.48% thanks to a more than 7% jump in Microsoft shares. Meanwhile, shares of First Republic retreated nearly 30%.
The release of key economic data includes the first quarter of US gross domestic product.
Tech giants Amazon and Intel will share their quarterly results after the closing bell on Thursday.