Stock futures slip as Tesla, IBM earnings weigh

FAN Editor

U.S. stock futures were modestly lower Thursday as investors sifted through a deluge of earnings reports. 

Dow Jones Industrial Average futures fell 103 points, or 0.29%, while S&P 500 futures and Nasdaq 100 futures declined 0.25% and 0.28%, respectively. Both the Dow and the S&P on Wednesday closed 0.1% below their respective record peaks. The Nasdaq was 1.7% off its own all-time high. 

Investors will receive updated assessments on the state of the labor and housing markets with weekly jobless claims and existing home sales due out later Thursday morning.

Ahead of the data, the yield on the 10-year note held at 1.66%, a five-month high. 

In stocks, Tesla Inc. reported record quarterly revenue and profits, but warned supply-chain bottlenecks would squeeze margins.  

IBM Corp. posted weaker-than-expected quarterly revenue as cloud-computing sales edged up a disappointing 2.5%. The company said higher labor costs are not yet reflected in its pricing. 

AT&T Inc. beat on the top and bottom lines as the number of net new phone subscribers easily exceeded Wall Street estimates. 

Southwest Airlines Co.’s quarterly loss narrowed as travel demand roared back. The airline said travel disruptions caused by air traffic control issues, staffing shortages and bad weather in Florida earlier this month cost the company $75 million.

Chipotle Mexican Grill Inc., Intel Corp. and Snap Inc. are among the companies set to release their quarterly results after the closing bell. 

In commodities, West Texas Intermediate crude oil declined 65 cents to $82.77 a barrel while gold fell $1.90 to $1,783 an ounce. 

Overseas markets were under pressure. 

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European bourses were weaker across the board with Germany’s DAX 30 slipping 0.06%, France’s CAC 40 losing 0.39% and Britain’s FTSE 100 sliding 0.54%. 

In Asia, Japan’s Nikkei 225 sank 1.87% and Hong Kong’s Hang Seng index dipped 0.45%. China’s Shanghai Composite index, outperformed, trading up 0.22%.  

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