Dow Jones Today: Stock Futures Point Sharply Lower; Palantir Leads Tech Share Declines

Stock futures pointed sharply lower Tuesday, with shares of Palantir Technologies leading declines even though the AI software firm reported strong quarterly results. 

Futures associated with the tech-heavy Nasdaq, benchmark S&P 500, and blue-chip Dow Jones Industrial Average were down 1.3%, 1%, and 0.6%, respectively, a day after the indexes closed mixed.

Palantir Technologies (PLTR) shares sank nearly 8% even though the company posted record quarterly results that blew past analysts’ estimates and raised its full-year revenue outlook for the third straight quarter.

Other tech shares pulled back in premarket trading, including Advanced Micro Devices (AMD), which were 2.7% lower leading up to the company’s quarterly results after the close; Oracle (ORCL), down more than 2%; Amazon (AMZN), which rose 4% yesterday to a fresh record high but declined 1.7%; and Tesla (TSLA), which fell 2.5% after Norway’s sovereign wealth fund rejected the EV maker’s proposed $1 trillion pay package for CEO Elon Musk.

In post-earnings moves, shares of Spotify Technology (SPOT) advanced 5%; Uber Technologies (UBER) fell 5%; Pfizer (PFE) slipped 1%; Marriott International (MAR) edged 0.5% higher; Stanley Black & Decker (SWK) declined 3.5%; and Archer Daniels Midland (ADM) dropped 9%.

Elsewhere, Sarepta Therapeutics (SRPT) stock nosedived nearly 40% after studies of the firm’s Duchenne muscular dystrophy treatments failed to meet goals, and Denny’s (DENN) stock skyrocketed 50% on news the full-service restaurant chain was being acquired by TriArtisan Capital Advisors, Treville Capital Group, and Yadav Enterprises for $620 million in cash.

The 10-year Treasury yield, which influences interest rates on all kinds of consumer loans, edged lower to 4.09%. Gold futures slipped 0.4% to below $4,000 an ounce, while West Texas Intermediate futures, the U.S. crude oil benchmark, fell 1.3% to $60.25 a barrel.

Bitcoin fell below $104,000 from more than $107,000 earlier Tuesday. The U.S. dollar index, which tracks the value of the greenback against a basket of foreign currencies, ticked 0.3% higher to 100.12.