Stock futures were down on Thursday morning as investors digested Q3 earnings from Meta Platforms (META) and Microsoft (MSFT), as well as the trade truce between U.S. President Donald Trump and Chinese President Xi Jinping. Investor sentiment was also impacted by the diminishing hopes for further rate cuts following Fed Chair Jerome Powell’s comments. Futures on the Nasdaq 100 (NDX) and the S&P 500 (SPX) were down 0.03% and 0.04%, respectively, while those on the Dow Jones Industrial Average (DJIA) fell 0.34% at 8:13 a.m. EDT on October 30.
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During Wednesday’s regular trading session, the three major indexes closed mixed despite the Federal Reserve’s 25-basis-point rate cut after Fed Chair Powell stated that a rate cut in December is not guaranteed, indicating a more cautious stance than the markets expected.
Coming to trending stocks, Alphabet (GOOGL) stock jumped 8% in Thursday’s pre-market trading after reporting robust Q3 results, with revenue topping $100 billion. In contrast, Meta Platforms (META) stock plunged about 9% as the social media platform disclosed a $16 billion tax charge.
Meanwhile, Microsoft (MSFT) stock was down 2% in pre-market trading after revealing a $3.1 billion hit to earnings due to its investment in OpenAI. Also, Chipotle Mexican Grill (CMG) stock tanked 16% on a dismal outlook. Shares of online used-car platform Carvana (CVNA) were down 7% in pre-market trading on margin concerns.
All eyes are now on earnings from Amazon (AMZN), Apple (AAPL), Coinbase Global (COIN), Strategy (MSTR), and Reddit (RDDT), which are scheduled to release their quarterly numbers after the market closes today.
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