Stock futures tilt lower
Stock futures were pointing to a negative open for Wall Street on Thursday as traders paused for breath after strong gains during the previous session.
As of 5:20 a.m. ET, futures for the Dow Jones Industrial Average gave away 119 points, or 0.34% to 35,358.
S&P 500 futures dropped 12.50 points, or 0.28% to 4,515.50 while the tech-heavy Nasdaq 100 futures lost 29 points, or 0.19% to 15,348.50.
On Wednesday, the Dow gained 152.03 points, or 0.43% to end the session at 35,609.34. S&P 500 jumped 16.56 points, or 0.37% to 4,536.19 while the Nasdaq Composite shed 7.41 points to finish at 15,121.68.
Today’s major economic data is the initial unemployment claims report for the week ended Oct. 16, which will be released at 8:30 a.m. ET.
Notable earnings to watch today include AT&T (NYSE: T), Intel (NASDAQ: INTC), Southwest Airlines (NYSE: LUV), and Snap (NYSE: SNAP).
Tesla reports record Q3 earnings
Meanwhile, Tesla (NASDAQ: TSLA) will be in focus today after the company reported third-quarter financial results that beat on both earnings and revenue.
Tesla posted adjusted earnings of $1.86 per share, well above analysts’ expectations of $1.59 per share. Revenue came in at $13.76 billion, also above estimates of $13.63 billion.
The electric vehicle maker also said on Wednesday that it would shift to using affordable lithium-iron-phosphate (LFP) batteries for all of its standard range vehicles globally, having trialed the use of the batteries in China.
Previously, Tesla used batteries made from cobalt and nickel, but the supply of those materials is scarce and prices are rocketing.
Shares of Tesla fell $11.15, or 1.29% to $854.65 in pre-market trading Thursday. The stock ended the previous session up less than a percent to $865.80 per share.
IBM revenue falls short of expectations
Shares of IBM (NYSE: IBM) were under pressure in the pre-market trading session Thursday after the company posted downbeat earnings late Wednesday.
IBM said it earned adjusted earnings of $2.52 per share in the third quarter, while revenue stood at $17.62 billion. Analysts expected the company to report earnings of $2.50 per share on revenue of $17.77 billion.
The company’s cloud and cognitive-software unit generated revenues of $5.69 billion, missing estimates of $5.77 billion. Its global consulting business saw revenue rise by nearly 12% to $4.43 billion, well ahead of analysts’ target of $4.29 billion.
As of writing, IBM shares were marked $7.55, or 5.32% to $134.35 per share before the opening bell.