13.2 C
London
HomeFinancial MarketsNasdaq Futures Plunge 1% Following Disappointing Earnings

Nasdaq Futures Plunge 1% Following Disappointing Earnings

Futures listed on the tech-heavy Nasdaq Composite index fell by about 1% during early trading on Thursday following a wave of weaker-than-expected company earnings. Meta Inc. stocks fell by 4% during pre-market trading after the company admitted that it’s facing an uncertain economic environment, Google’s parent Alphabet Inc. declined by 2.3% after it disappointed with its cloud business figures. Amazon.com slid 1.5%, with the company still due to report its earnings later in the day.

Paul de La Baume, an investment advisor at BNP Paribas Suisse SA, commented that traders are “opting to sell first in fear that sentiment will get worse before it gets better.” A slew of disappointing corporate earnings has prompted investors to reevaluate their valuations which appear to be higher than they should be.

With Treasury yields on the rise and the dollar continuing to strengthen, observers now await US initial jobless claims and GDP numbers that are set to be released later in the day. These metrics are expected to provide a clearer picture of the current economic landscape.

Dow Jones Crashes More Than 2,200 Points, U.S. Stocks Endure Their Worst Week Since 2020

The U.S. stocks continued to sink on Friday and capped off the week with the worst performance since 2020. Blue chip Dow Jones Industrial...

Amazon Makes an Offer to Buy TikTok in the U.S.

E-commerce giant Amazon emerged as a last-minute bidder for U.S. assets of the popular social media app TikTok. Amazon's bid comes just days ahead...

Goldman Sachs Lowers S&P 500 Target to 5,700 on Recession Risk and Tariff-Related Uncertainty

Banking giant Goldman Sachs is becoming increasingly pessimistic about the S&P 500’s chances to deliver a successful year. In a note sent to clients,...