U.S. equity futures slid early Thursday after investors digested third-quarter earnings from Big Tech names including Meta Platforms and Tesla.
S&P 500 futures fell 0.66%, and Nasdaq-100 futures dropped 1.32%. Dow Jones Industrial Average futures ticked down 0.28%, or 147 points.
In Asia, markets traded lower. South Korea's Kospi fell more than 1%, while Japan's Nikkei 225 declined 0.73%. Australia's S&P/ASX 200 lost 0.53%. Hong Kong's Hang Seng Index is down more than 2%. Mainland China's CSI 300 is down 0.37%.
Shares of Meta gained 2% in extended trading. The Facebook and Instagram parent delivered a revenue beat along with strong guidance for the current quarter. Meanwhile, Tesla reported a better-than-expected top and bottom line for its third-quarter results. Shares of the electric vehicle maker were last off 3%.
"The quarter showed the AI investment paying off in the core," said Dan Ives, partner and senior managing director at Yorkville Ives in his post Meta earnings reaction note. Spend is "better controlled than feared," Ives added as Meta narrowed the range for its full-year data center-related capital expenditures.
The action follows a positive day on Wall Street, with the S&P 500 notching a three-day win streak, while the Dow jumped 360 points. The Nasdaq Composite closed 1% higher, catching a tailwind from SpaceX and Tesla.
Blowout quarterly results from SpaceX fueled investors' excitement for the artificial intelligence trade, sending shares of Micron Technology and Advanced Micro Devices higher. Also fanning the flames was news from Super Micro Computer, which lifted its fiscal first-quarter revenue outlook.
There was also some focus on Nvidia's U.S. supply chain agreements Wednesday. The chip giant announced plans to expand global manufacturing capacity to meet growing demand for its accelerated computing and full-stack AI factory platform.
Looking ahead to Thursday, there are a host of companies on deck to report results including Procter & Gamble, Lockheed Martin, Valero Energy and Honeywell.
Investors will also be paying attention to the economic calendar with weekly initial jobless claims set to release Thursday morning.
22 Min AgoIndian rupee gains against greenback for eight straight sessions, its longest strengthening streak since March 2025
The Indian rupee has appreciated for eight straight sessions against the dollar, marking its longest strengthening streak since March 2025.
The rupee, which has been among the weakest Asian currencies for over a year, closed on Wednesday at a nearly four-month high of 94.46 rupees per dollar.
Devarsh Vakil, head of Prime Research at HDFC Securities, said the sustained momentum of the Indian currency has been "anchored by strategic central-bank intervention, healthy foreign inflows into the primary market and profit-taking in the US dollar."
Earlier this month, India's central bank announced measures that made it expensive to take speculative bets on the rupee and restricted rebooking of cancelled foreign exchange derivative contracts. It also opened a special window to meet the entire daily dollar requirements of three public sector oil marketing companies, ring-fencing this trade from spot markets.
46 Min AgoChina’s stock market sinks into bear territory as CSI 300 extends 10-week rout
China's benchmark CSI 300 index on Thursday entered bear-market territory, falling 20% from its June peak, as a prolonged sell-off in its equities deepens.
The index, which tracks 300 of the largest stocks listed in Shanghai and Shenzhen, has declined for 10 consecutive weeks and is down 2.6% so far this week, underscoring sustained pressure on Chinese equities, data from LSEG showed.
"I think China is really struggling with reining in the problems that they've had in the past from the overbuild of capacity and other things," said Jordan Cvetanovski, chairman and CIO at Pella Funds. China's equity market continues to face structural challenges, particularly as the world's second-largest economy grapples with the fallout from years of excess capacity and overinvestment, he added.
In September, the country posted it's weakest growth in industrial profits this year amid intense competition that has eroded margins and even invited the government to step in.
— Lee Ying Shan
4 Hours AgoBank of Korea holds rates after President Lee calls for boosting housing supply
South Korea's central bank expectedly kept its policy rate steady at 3% on Thursday, after two straight hikes, with analysts pointing that it does not signal a change in policy stance as inflation stays elevated.
Economists polled by Reuters had forecast the Bank of Korea to hold rates and the decision comes after President Lee Jae Myung reportedly called for an "all out effort" to boost housing supply.
Inflation in Asia's fourth-largest economy came in at 2.9% in September, staying at or above the BOK's 2% target for 13 months.
Analysts from Dutch Bank ING said that the pause was unlikely to mark the end of the tightening cycle, as inflation remains above target and economic growth was relatively resilient.
Growth for South Korea has been largely supported by exports of semiconductors as demand for chips to power the AI boom continues.
Exports for September skyrocketed at a record 83.7% year on year, with semiconductors spiking over 262% compared to the same period last year.
—Lim Hui Jie
4 Hours AgoSouth Korea's Kospi drops at open, Japan's Nikkei 225 gains
Asia-Pacific markets opened mixed Thursday.
South Korea's Kospi was down 0.67%, while the tech-focused Kosdaq fell 0.73%.
Japan's Nikkei 225 rose 0.19% and the Topix advanced 0.38%.
Australia's S&P/ASX 200 was flat.
— Lee Ying Shan
5 Hours AgoAsia-Pacific markets set to fall as AI jitters linger
Asia-Pacific markets were set for a mixed open on Thursday as concerns over the sustainability of the artificial intelligence boom continued to weigh on investor sentiment.
Futures for Japan's Nikkei 225 in Chicago were at 64,555 while in Osaka they were last at 65,030, compared with the index's previous close of 64,621.24.
Futures for Hong Kong's Hang Seng index last traded at 23,602, lower than the index's last close of 23,651.87.
Australia's S&P/ASX 200 lost 0.56%.
— Lee Ying Shan
6 Hours AgoIBM stock volatile in after-hours trading following earnings report
Shares of International Business Machines swung wildly in extended trading after the company posted its third quarter results.
IBM was last down more than 3%, but the stock initially popped after the tech stalwart beat Wall Street' expectations.
IBM shares in the past dayThe company reported adjusted earnings of $2.95 per share for the third quarter, compared to analysts polled by LSEG's expectations for $2.86 per share.
Revenue also beat estimates, and IBM now expects free cash flow for full-year 2026 to increase by more than $1 billion over the year prior.
—Paulina Likos
6 Hours AgoSouthwest Airlines cuts its 2026 profit forecast
The Texas-based air carrier cut its 2026 profit outlook on Wednesday, citing higher fuel prices.
Southwest Airlines is the third carrier to trim its profit guidance this month, after Delta Airlines and United.
Southwest now anticipates earning between $2.60 and $2.85 per share on an adjusted basis this year, down from its July call for $3.25 to $4.25 per share.
Shares of Southwest Airlines in the past dayShares of Southwest were last down 0.2% in extended trading.
—Paulina Likos
6 Hours AgoStocks making the biggest moves after hours: Meta Platforms, Tesla, Lam Research
Several stocks made dramatic moves in extended trading following their latest earnings releases.
Tesla — Elon Musk's auto manufacturer shed earlier gains and last traded down 2%. Tesla posted beats on the top and bottom lines in the third quarter. The company earned 48 cents per share on an adjusted basis and posted revenue of $28.05 billion. Analysts polled by LSEG were looking for 43 cents a share and $27.88 billion.
Meta Platforms — The social media giant gained 3% in extended trading after revenue came in ahead of analysts' estimates. Third-quarter revenue of $64.60 billion topped the LSEG consensus call for $63.37 billion. The midpoint of its fourth-quarter sales guidance was also above the Street's estimates.
Lam Research — The semiconductor manufacturing equipment company dropped more than 5%. Lam sees second-quarter adjusted earnings of $2.33 per share, plus or minus 15 cents, on revenue of $8.60 billion, plus or minus $400 million. That compares to analysts' expectation for $2.31 per share and revenue of $8.53 billion.
—Darla Mercado
6 Hours AgoU.S. stock futures open lower Wednesday night
Stock futures opened lower shortly after 6 p.m. in New York.
Futures tied to the S&P 500 were down 0.2%, while Nasdaq-100 futures fell 0.3%. Dow futures ticked down 0.1%, or about 72 points.
--Darla Mercado
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