U.S. stock futures trended lower on Thursday morning amid uncertainty over the U.S.–Iran ceasefire. Geopolitical tensions continued, with normal shipping traffic not resumed in the Strait of Hormuz despite an extended ceasefire, keeping markets on edge. Also, weak earnings reports from some prominent companies, including electric vehicle (EV) giant Tesla (TSLA), impacted investor sentiment. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down 0.14%, 0.15%, and 0.39%, respectively, at 8:30 a.m. EDT on April 23.
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Trade QQQ with leverageAt the time of writing, Brent crude (CM:BZ) rose 0.72% to $102.66 per barrel, while WTI crude (CM:CL) was up 0.80% to $93.70.
In Wednesday’s trading, major indices closed strongly, with the Nasdaq Composite and S&P 500 touching fresh record highs on news of the Iran ceasefire. The Nasdaq Composite, the S&P 500, and the Dow rose 1.64%, 1.05%, and 0.69%, respectively.
Turning to trending stocks, Tesla shares were down more than 3% in Thursday’s pre-market trading on concerns about the EV maker’s elevated capital spending. The company reported better-than-expected Q1 earnings, but missed the revenue consensus. Also, IBM (IBM) stock fell more than 7% as the tech giant didn’t raise its full-year guidance despite delivering solid Q1 results. Investors were also concerned about a slowdown in revenue growth amid fears of AI disruption.
Additionally, ServiceNow (NOW) stock tanked more than 12% as investors were spooked by the company’s margin outlook and the impact of Middle East tensions on the software company’s business.
In contrast, Mobileye Global (MBLY) stock rallied 15% in Thursday’s pre-market trading after the autonomous driving tech company reported strong Q1 results. The company’s full-year revenue outlook also surpassed expectations.