U.S. Stock Futures Down on Key Earnings and Trade Concerns

U.S. stock futures trended lower on Thursday morning as investors digested earnings from major companies, including Tesla (TSLA) and IBM (IBM), and the developments on the U.S.-China trade war. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down 0.29%, 0.17%, and 0.21%, respectively, while those on were down 0.12% at 8:21 a.m. EST on October 23.

During Wednesday’s regular trading session, the three major indexes ended lower due to a selloff in the broader tech sector amid U.S.-China trade tensions. The S&P 500, the Dow Jones, and the Nasdaq Composite fell 0.53%, 0.71%, and 0.93%, respectively.

Coming to trending stocks, Tesla (TSLA) stock was down more than 4% in Thursday’s pre-market trading as the electric vehicle (EV) maker’s Q3 earnings missed the Street’s expectations. Additionally, IBM (IBM) stock was down 7.5% due to concerns about a slowdown in the company’s cloud business. Meanwhile, shares of IonQ (IONQ), D-Wave Quantum (QBTS), Rigetti Computing (RGTI), and Quantum Computing (QUBT) jumped on early Thursday on news that the Trump administration is in talks with several companies about equity stakes in the sector.

Meanwhile, shares of Exxon Mobil (XOM), Chevron (CVX), and several other oil companies trended higher as oil prices surged after the U.S. announced new sanctions on Rosneft and Lukoil, Russia’s two largest energy firms, over continued fighting in Ukraine.

Turning to Thursday’s major earnings, American Airlines (AAL) stock was up 1.7% in pre-market trading after the company reported a smaller-than-expected Q3 loss and a better-than-anticipated outlook, while T-Mobile (TMUS) stock was down 1.2% despite market-beating Q3 results. Several notable companies are set to report results today, including Intel (INTC) and Ford (F).

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