Dow Jones Today: Futures Lower as Tech Stocks Slip After Earnings, Investors Await Economic Data

Stock futures were lower Thursday as shares of large-cap technology companies tumbled, while investors assessed a flurry of earnings reports and awaited the release of important economic data,

Futures tied to the Dow Jones Industrial Average were down 0.5%, while those linked to the S&P 500 and Nasdaq 100 slid 0.7% and 0.8%, respectively, The major indexes fell on Wednesday, with the tech-heavy Nasdaq leading the decline after hitting an all-time high early in yesterday’s trading session.

Tech stocks were in focus once again Thursday as Microsoft (MSFT) and Meta Platforms (META) were each down more than 2% in premarket trading after releasing their quarterly results late yesterday. Apple (AAPL) and Amazon (AMZN) were both losing ground this morning, ahead of the scheduled release of their earnings reports after the closing bell this afternoon. AI investor favorite Nvidia (NVDA) was down nearly 1% this morning.

Among other noteworthy post-earnings-report movers, pharmaceuticals giant Merck (MRK) was down 1%, beer maker AB InBev (BUD) fell 4%, and ride share company Uber Technologies (UBER) declined 6%. Robinhood Markets (HOOD) and streamer Roku (ROKU) were both down more than 10%. Comcast (CMCSA) shares were up 5% after the telecom and media conglomerate reported better-than-expected results, while online used-car dealer Carvana (CVNA) surged 20% ahead of the bell.

Investors are awaiting weekly jobless claims numbers and the latest reading on the Federal Reserve’s preferred measure of inflation, both due at 8:30 a.m. ET. Investors are watching all the data points closely as they look for signs that the economy remains on sound footing, as well as information that could influence the Fed’s upcoming decisions on interest rates.

The yield on 10-year Treasurys, which is sensitive to expectations around interest rates, was at 4.28% this morning, up from 4.26% late yesterday. The yield has been rising in recent weeks as market participants have recalibrated their thinking about how aggressive the Fed will be in cutting its benchmark lending rate.

Gold futures were down slightly at around $2,790, after rising above $2,800 on Wednesday for the first time ever. Bitcoin was little changed at around $72,000.