Home Market Spotlight Nasdaq 100 futures slide as Tesla shares fall after earnings

Nasdaq 100 futures slide as Tesla shares fall after earnings

by WOOWinvest
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Nasdaq 100 futures slide as Tesla shares fall after earnings

Nasdaq 100 futures slid Thursday as traders weighed Tesla’s latest quarterly figures along with rates reaching fresh multiyear highs.

Futures tied to the Nasdaq 100 fell 0.5%, while S&P 500 futures dipped 0.2%. Dow Jones Industrial Average futures rose 15 points, or 0.05%.

Tesla shares dropped 4% in premarket trading after the electric vehicle maker said Wednesday evening it expects to miss its 2022 deliveries target. The company also posted a quarterly revenue that missed analyst expectations.

The earnings season continued Thursday, with AT&T, Alaska Air and Danaher among the companies that reported. Snap is set to report after the bell.

Meanwhile, the benchmark 10-year Treasury yield reached a high of 4.18% on Thursday, briefly trading at levels not seen since 2008. It was last up just 2 basis points at 4.14%. Rising rates have been a headwind for stocks every year, as the Federal Reserve continues to try and cool off inflationary pressures not seen in decades.

“We’re in this position where the Fed is in control,” Bryn Talkington, managing partner at Requisite Capital Management, said Wednesday on CNBC’s “Closing Bell: Overtime.” “The 2-year leads the Fed, and as long as the 2-year continues to go higher, we will not make a bottom in stocks, and the equity rally will not continue.”

Wall Street is coming off a down session, with the major averages snapping a two-day winning streak although all three indexes remain on track for a positive week. The Dow declined 99.99 points, or 0.33%. The Nasdaq Composite fell 0.85%, while the S&P 500 slid 0.67%.

On the economic front, the Philadelphia Fed manufacturing survey and the weekly jobless claims data are expected Thursday before the bell.

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