Futures Lower After Tesla, IBM Quarterly Results

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Traders enactment    connected  the level  of the New York Stock Exchange (NYSE) successful  New York City connected  Oct. 20, 2021. (Brendan McDermid/Reuters)

Traders enactment connected the level of the New York Stock Exchange (NYSE) successful New York City connected Oct. 20, 2021. (Brendan McDermid/Reuters)

U.S. banal scale futures edged lower connected Thursday arsenic IBM and Tesla fell aft their quarterly results, with investors awaiting much reports to spot the interaction of proviso concatenation disruption and labour shortages connected companies.

Tesla Inc. fell 1 percent successful premarket trading arsenic it said connected Wednesday its upcoming factories and supply-chain headwinds would enactment unit connected its margins aft it bushed Wall Street expectations for third-quarter revenue.

The EV maker’s quarterly study comes a time aft shares of maturation adjacent Netflix Inc. slipped pursuing its results.

Other mega-cap stocks including Facebook Inc., Apple Inc., and Amazon.com Inc. fell betwixt 0.1 percent and 0.3 percent connected Thursday.

IBM slipped 4.7 percent aft it missed marketplace estimates for quarterly gross arsenic its managed infrastructure concern suffered from a diminution successful orders.

Investors are keeping a adjacent oculus connected maturation outlook from companies facing rising costs, labour shortages, and proviso concatenation disruptions, with analysts expecting nett of S&P 500 companies to emergence 33 percent from a twelvemonth earlier, according to Refinitiv data.

The Dow Jones Industrials Average deed an intraday grounds precocious connected Wednesday and the benchmark scale came wrong 5 points of its aboriginal September record.

Also connected the radar is information that could amusement play jobless claims rising to a fig of astir 300,000 past week, up from 293,000 successful the erstwhile week.

At 6:50 a.m. ET, Dow e-minis were down 105 points, oregon 0.3 percent, S&P 500 e-minis were down 11.25 points, oregon 0.25 percent, and Nasdaq 100 e-minis were down 25.5 points, oregon 0.17 percent.

AT&T Inc. roseate 1 percent aft the telecom operator’s quarterly gross and monthly telephone measure paying subscriber additions bushed marketplace expectations.

Dow Inc. gained 1.1 percent aft it posted a much than a five-fold leap successful third-quarter nett arsenic economical betterment boosted prices for chemicals.

By Shreyashi Sanyal

Reuters

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