As traders evaluated the most recent round of company earnings and monitored interest rates, stock futures declined on Thursday.
Futures on the Nasdaq-100 sank 1%, and those for the S&P 500 declined roughly 0.6%. The Dow Jones Industrial Average-linked futures saw a 101-point, or 0.3%, drop.
Though the company’s Reality Labs segment lost $3.7 billion, Facebook parent Meta beat both revenue and bottom lines in the third quarter. Meta’s stock fell 3%. Align Technology, however, fell 24% as a result of the company’s poor revenue guidance for the upcoming quarter and its third-quarter misses on projections.
The actions come after a tumultuous trading day, fueled in part by a 9.5% drop in Alphabet, the parent company of Google. On Wednesday, Alphabet’s Class-A shares saw their worst day since March 2020 when the firm revealed Google Cloud unit revenue that was lower than expected by analysts.
The S&P 500 finished the day 1.4% lower than the 4,200 mark, which investors and chart experts closely monitor. It was the first time since May that the overall index closed below this level. In contrast, the 30-stock Dow fell 0.3%, while the tech-heavy Nasdaq Composite saw its worst day since February 21 with a 2.4% loss.
Source (CNBC)
