Investing.com– U.S. stock index futures fell in evening deals on Thursday, extending losses from a sharp drop on Wall Street as concerns over slowing economic growth remained in play before key nonfarm payrolls data.
Positive earnings from Apple Inc (NASDAQ:AAPL) did little to improve sentiment, as other Wall Street majors including Amazon.com Inc (NASDAQ:AMZN) and Intel Corporation (NASDAQ:INTC) clocked disappointing quarterly prints and offered a middling outlook. Apple’s shares also barely rose after the earnings, with the technology sector seeing extended losses in aftermarket trade.
S&P 500 Futures fell 0.5% to 5,455.75 points, while Nasdaq 100 Futures fell 0.7% to 18,885.75 points by 19:17 ET (23:17 GMT). Dow Jones Futures fell 0.3% to 40,395.0 points.
Apple earnings beat estimates, shares inch higher
Shares of the Cupertino, California-based tech giant rose 0.6% in aftermarket trade, as clocked stronger-than-expected revenue and profit in the June quarter.
This came on the back of slightly better than expected sales of its flagship iPhone, although device sales did fall from last year amid growing competition in top market China.
Still, the company is expected to log stronger iPhone sales in the coming quarters, especially as it gears up to incorporate a slew of artificial intelligence features in its devices. Its upcoming iPhone 16 model is also expected to spark a device upgrade cycle.
Intel plummets, Amazon weakens on soft earnings
Chipmaker Intel Corp was the worst performer among major technology stocks, sinking nearly 19% after the bell as its June quarter earnings missed estimates. The company suspended its dividend and said it will cut 15% of its jobs as part of a turnaround plan.
Losses in Intel spilled over into other chipmakers, with NVIDIA Corporation (NASDAQ:NVDA) and Advanced Micro Devices Inc (NASDAQ:AMD) losing over 1% each, extending losses after chip designer Arm Holdings (NASDAQ:ARM) provided a middling outlook on Wednesday.
Amazon fell more than 7% after the e-commerce giant provided a softer-than-expected outlook on revenue, and warned that online sales were slowing as consumers grew more cautious over purchases.
Wall St nurses steep losses as growth fears mount before payrolls data
Wall Street indexes were nursing steep losses on Thursday, as concerns over slowing economic growth- following a raft of weaker-than-expected purchasing managers index readings– largely offset optimism over a potential interest rate cut by the Federal Reserve.
The S&P 500 fell 1.4% to 5,446.68 points, while the NASDAQ Composite slid 2.3% to 17,195.61 points. The Dow Jones Industrial Average fell 1.2% to 40,347.97 points.
Outsized losses in heavyweight tech stocks were by far the biggest weight on Wall Street, as the sector was rattled by extended profit-taking, and as a raft of middling earnings suggested benefits from AI may be slower to realize than initially estimated.
Focus was now squarely on upcoming nonfarm payrolls data, which is set to offer more cues on the labor market amid heightened concerns over a U.S. economic slowdown.
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