US Stock Futures Maintain Stability Amid Netflix and Tesla Reports
Investing.com – US stock futures found themselves trading within a narrow range during the evening hours on Wednesday, a reflection of the considerable decline observed in the major benchmark averages during the regular trading session. This drop was attributed to a surge in Treasury bond yields, reaching a fresh 16-year high.
As of 6:30 PM ET (10:30 PM GMT), Dow Jones Futures and S&P 500 Futures displayed a stable performance, while Nasdaq 100 Futures showed a minor uptick of 0.1%.
Tesla Earnings Announcement
During the extended trading hours, Tesla (NASDAQ: TSLA) made headlines by posting a 1% gain. The company reported Q3 earnings per share (EPS) of $0.66, slightly below the consensus estimate of $0.73, with revenues totaling $23.4 billion compared to the expected $24.32 billion. In addition to these figures, Tesla announced a delivery event for its Cybertruck scheduled for November 30th.
Netflix Surges on Strong Q3 Performance
Netflix (NASDAQ: NFLX) experienced a notable surge, with its stock price rising by 13% after reporting Q3 EPS of $3.73, surpassing the expected $3.49. Revenues were also on par with estimates at $8.54 billion. Impressively, subscriber numbers saw a substantial increase, rising to 8.76 million, well ahead of the 6.2 million that was anticipated.
Mixed Earnings Outcomes
On the flip side, Equifax (NYSE: EFX) recorded a 7% drop after revealing Q3 EPS of $1.76, missing the anticipated $1.79. The company’s revenue came in at $1.32 billion, slightly below the expected $1.33 billion.
Lam Research (NASDAQ: LRCX) experienced a 4% decline, reporting Q1 EPS of $6.85, which was higher than the estimated $6.07. However, the company’s revenue of $3.48 billion fell short of the anticipated $3.41 billion.
What to Watch for on Thursday
Looking ahead to Thursday’s trading session, market participants will closely monitor jobless claims data, the Philadelphia Fed manufacturing index, existing home sales, as well as speeches from key figures including Jefferson, Powell, Goolsbee, Barr, Bostic, Harker, and Logan.
In terms of earnings, several prominent companies, including Taiwan Semiconductor Manufacturing (NYSE: TSM), Philip Morris International Inc (NYSE: PM), Union Pacific Corporation (NYSE: UNP), Blackstone Inc (NYSE: BX), AT&T Inc (NYSE: T), and American Airlines Group (NASDAQ: AAL) are expected to release their quarterly results.
Stay informed throughout this earnings season with InvestingPro.
Wednesday’s Market Performance
During the regular trading session on Wednesday, the Dow Jones Industrial Average fell by 332.6 points, representing a 1% decrease, closing at 33,665.1. The S&P 500 also recorded a decline of 58.6 points, or 1.3%, ending the day at 4,314.6, while the NASDAQ Composite dipped by 219.4 points, a decrease of 1.6%, closing at 13,314.3.
Bond Market Highlights
In the bond markets, United States 10-Year Treasury bond rates reached a fresh 16-year high of 4.911%.
