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Nasdaq futures dip after tech earnings fall flat

A specialist dealer works inside a sales space on the ground of the New York Inventory Trade (NYSE) in New York Metropolis, October 6, 2021.

Brendan McDermid | Reuters

Futures on the Nasdaq 100 dipped in in a single day buying and selling Thursday after disappointing earnings experiences from know-how firms.

Nasdaq 100 futures fell 0.5%. Dow Jones Industrial Common futures shed 25 factors. S&P 500 futures ticked down 0.3%.

Shares of Intel retreated greater than 8% after hours following a weaker-than-expected sales report. The semiconductor firm blamed an industry-wide chip scarcity for its income miss.

Social media stocks also dropped in prolonged buying and selling after Snap said its advertising business declined due to Apple’s privacy changes. Snap shares sunk greater than 22% whereas Fb and Twitter every pulled again greater than 4% after hours.

In Thursday’s common session, the S&P 500 notched each a contemporary intraday excessive and new report shut. The broad index rose 0.3% for its seventh consecutive optimistic session. The Nasdaq Composite rose 0.6%, whereas the Dow shed 6.26 factors, or 0.02%.

Traders digested a slew of company earnings experiences. Tesla shares closed 3% increased Thursday, offering help to the S&P 500 and Nadaq Composite.

Corporations are posting sturdy earnings thus far this third-quarter reporting season regardless of provide chain and inflation headwinds. Out of 101 S&P 500 members which have reported monetary outcomes, 82.6% have topped earnings expectations, in keeping with FactSet as of Thursday after the bell.

“In 1 / 4 the place we thought issues would decelerate and there was concern about what revenue margins had been going to appear like, these firms are nonetheless doing properly,” mentioned Victoria Fernandez, chief market strategist at Crossmark World Investments.

Robust jobs information additionally added to the optimistic market sentiment. Initial jobless claims fell to a brand new pandemic low of 290,000 final week, the Labor Division reported Thursday — down 6,000 from the earlier week and decrease than the 300,000 anticipated from economists surveyed by Dow Jones.

All three main averages are on monitor to shut the week increased for three-straight weeks of good points. On the month, all three indexes are up no less than 5%.

Traders await earnings experiences Friday from firms together with American Specific, Honeywell, Schlumberger and Cleveland-Cliffs.

https://www.cnbc.com/2021/10/21/stock-market-futures-open-to-close-news.html | Nasdaq futures dip after tech earnings fall flat

Aila Slisco

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