U.S. stock futures advanced Thursday, as Tesla’s banner earnings relieved investors after Netflix’s disappointment.
What’s happening
- Futures on the Dow Jones Industrial Average YM00, +0.54% rose 202 points, or 0.6% to 35281.
- Futures on the S&P 500 ES00, +0.67% gained 34 points, or 0.8%, to 4490.
- Futures on the Nasdaq 100 NQ00, +0.90% increased 155.5 points, or 1.1% to 14160.
On Wednesday, the Dow Jones Industrial Average DJIA, +0.71% rose 250 points, or 0.71%, to 35161, while the S&P 500 SPX, -0.06% declined 3 points, or 0.06%, to 4459, and the Nasdaq Composite COMP, -1.22% dropped 167 points, or 1.22%, to 13453.
What’s driving markets
Tesla TSLA, -4.96% shares rose 7% in premarket action as the electric vehicle maker posted better-than-forecast earnings, thanks to price hikes.
The Tesla results helped to offset the shock from fellow megacap tech giant Netflix NFLX, -35.12%, which slumped 35% on Wednesday after forecasting it will lose 2 million subscribers in the current quarter.
More earnings are on deck from corporate titans including AT&T T, -0.31% and American Airlines AAL, -0.56%.
“While earnings season so far has been mixed, Tesla’s numbers last night did much to restore optimism, especially at a tricky time for the company,” said Chris Beauchamp, chief market analyst at IG Group.
Traders also will be focusing on Washington, D.C., where Federal Reserve Chair Jerome Powell and European Central Bank President Christine Lagarde will join a panel discussion on the global economy. The euro EURUSD, +0.53% and German bond yields TMBMKDE-02Y, 0.140% rose after multiple ECB officials suggested the first eurozone rate hike of the cycle could come as early as July.
There’s also data on jobless claims and the Philadelphia Fed manufacturing survey due for release.
Add Comment