US pre-open: Stocks in the red after Meta earnings disappoint
Wall Street futures were in the red ahead of the bell on Thursday as market participants thumbed over another round of corporate earnings, which included disappointing figures from newly rebranded Facebook parent Meta Platforms.
As of 1225 GMT, Dow Jones futures were down 0.24%, while S&P 500 and Nasdaq-100 futures had the indices opening 1.06% and 2.26% weaker, respectively.
The Dow closed 224.09 points higher on Wednesday as investors digested a number of corporate earnings and data points.
Ahead of the bell on Thursday, market participants were looking over Meta's quarterly update from overnight, with the results revealing that quarterly profits fell short of expectations as it also issued weaker-than-expected revenue guidance for the current quarter.
Spotify shares were also in the red after the streaming giant revealed a slowdown in premium subscriber growth overnight.
In terms of Thursday's earnings, Estee Lauder raised full-year forecasts thanks to heightened demand for skincare and make-up, while Carlyle Group's fourth-quarter earnings jumped almost 400% on the back of record asset sales during the period.
Still to come, Eli Lilly, Biogen, Merck and Ralph Lauren will report before the opening bell, Ford and Hershey will report later on, while Activision Blizzard, Amazon, News Corp, Pinterest, Snap and GoPro will all update on recent trading after the close.
On the macro front, Challenger job cuts data will be published at 1230 GMT, followed by the Labor Department's weekly jobless claims report at 1330 GMT, a final reading of IHS Markit's composite and services index at 1445 GMT and December factory orders and the ISM's January non-manufacturing PMI at 1500 GMT.
Also in focus, the yield on the benchmark 10-year Treasury note advanced slightly in pre-market to sit at around 1.79%, and across the pond, the Bank of England announced a quarter-percentage-point interest rate increase, while the European Central Bank was pegged to hold steady with its benchmark rate despite Eurozone inflation hitting a new record.