US stock index futures fell late on Wednesday after tech giant Meta Platforms announced its latest quarterly results. Traders are also awaiting key economic data later this week.
Futures linked to the Dow Jones Industrial Average It fell 76 points or 0.2%. S&P 500 Index Futures decreased by 0.6%, and Nasdaq 100 futures 1% less.
Yuan Intraday trading fell 15% after the social media giant reported light revenue guidance for the second quarter. International business machine First quarter revenue fell 8% after missing consensus estimates.
Stocks were in mixed territory, with rising US Treasury yields putting downward pressure on stocks on Wednesday S&P 500 Index rose slightly by 0.02%, while Nasdaq Composite Index Add 0.1%. 30 stocks Dow Chemical 0.11% less.
Traders will focus on US first-quarter gross domestic product data due out at 8:30 a.m. on Thursday. Economists polled by Dow Jones had expected real GDP to be 2.4%. There are also weekly unemployment claims.
The Fed’s preferred measure of inflation, the March Personal Consumption Price Index, will be released on Friday. Economists had expected a 0.3% monthly increase and a 2.6% year-on-year increase.
These data points will inform the central bank’s future interest rate policy path. Fed funds futures trade suggests the first rate cut could come at the September Fed meeting, according to the CME FedWatch tool.
Still, earnings look good enough to boost the stock, according to Anastasia Amaroso, chief investment strategist at iCapital.
“Even if the Fed stays the course, I think it could provide a supportive environment for stocks,” he told CNBC. Late Wednesday afternoon, “Investors’ return expectations have improved since early April.
Companies scheduled to report earnings before Thursday’s market open include: caterpillar, Honeywell, Northrop Grumman Corporation, American Airlines, Comcast, Mark And Bristol-Myers Squibb.
Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.
Tags: Stock Futures Fall Meta Platform IBM Quarterly Results Report Live Update
