On Wednesday, Nasdaq-100 futures saw a decline as investors expressed dissatisfaction with the quarterly reports released by massive tech firms Alphabet and Tesla.
S&P 500 futures dropped 0.7%, while those linked to the tech-heavy Nasdaq-100 saw a 1% decline. Futures on the Dow Jones Industrial Average are up 173 points, or 0.4%. Premarket trading saw a 3.4% decline in Alphabet, the parent company of Google, shares.
YouTube’s advertising revenue was less than anticipated even as Alphabet’s top and bottom lines beat expectations.
As everything was going on, Tesla’s stock fell more than 7% due to lower-than-expected earnings and a 7% reduction in auto sales year over year.
Investors may see for the first time how megacap corporations performed in the second quarter from those reports.
Because Wall Street is primarily interested in reports from this small group, which accounts for the majority of this year’s profits.
Source (CNBC)
