Stocks fell as investors checked the profit side
Stock futures retreated as investors weighed in on the latest outlook for corporate earnings.
Stocks tied to the Dow Jones Industrial Average lost 157 points or 0.47%. S&P 500 futures retreated 0.75%, while Nasdaq-100 futures retreated 1.02%.
Tesla lost 7.3% in the premarket after the electric carmaker’s net income and GAAP earnings fell more than 20% from a year ago. IBM has advanced by 2% since then.
Investors got another insight into consumer health before the call.
Payments shares retreated 1%.
The S&P 500 ended Wednesday’s session slightly lower as investors looked into the latest batch of earnings.
Although the focus of investors has largely shifted to these quarterly results.
The Nasdaq Composite ended yesterday slightly higher, while the Dow closed down 0.23%, posting its first decline in over a month.
The company reported $2.45 per share, missing Refinitiv’s estimate of $2.68.
American Express beat earnings forecasts despite the EPS miss and an environment driven by higher rates and inflation. Revenue was up 22% year over year.
European stocks retreated Thursday morning, with the Stoxx 600 index falling by 0.34%.
Autos fell 2.43%, and mining stocks retreated 1.07%, although banks were the bright spot at 0.75%.
- Germany’s DAX was down 0.54%
- France’s CAC 40 was down 0.27%
- Britain’s FTSE 100 was down 0.13%
Global stocks retreated further from multi-week highs earlier this week, damping sentiment by disappointing Tesla earnings.
The pan-European STOXX 600 index retreated by a third of a percent in morning trade.
Electric car maker, Tesla missed gross margin estimates. It sent its shares down 7% to the market and weighed on tech stocks that investors expected would be resilient against a widely predicted U.S. recession.
Apple was down 1% in premarket trading, while Google parent Alphabet lost 0.7%.