Nasdaq futures soared on Thursday, leading the rally in U.S. stocks, as Tesla (TSLA)’s surprisingly strong earnings and lofty sales forecast raised hopes for a strong earnings season.
Futures for the tech-heavy Nasdaq 100 Index (NQ=F) rose nearly 0.9%, while futures for the S&P 500 Index (ES=F) rose 0.5%. However, Dow Jones Industrial Average futures (YM=F) were slow to join the rally, falling 0.1%.
Tesla Inc. started the Magnificent Seven’s fiscal year with its biggest quarterly profit in more than a year, sparking optimism and pushing the stock higher as it rebounds from Wednesday’s steep decline.
Tesla stock rose more than 13% premarket, increasing market capitalization as investors cheered CEO Elon Musk’s prediction that EV sales could rise 20% to 30% next year. was expected to increase by more than $80 billion. Amazon (AMZN), Meta (META) and other tech mega-cap stocks rose after lagging from the previous session.
Elsewhere, Boeing (BA) shares fell nearly 4% after striking workers rejected a pay deal following the aircraft maker’s $6 billion quarterly loss. This is the latest in a series of tough news for Dow stocks.
Meanwhile, the 10-year Treasury yield (^TNX) fell back after rising above 4.25% on Wednesday on concerns that the Federal Reserve would not cut rates as quickly as expected. Yields fell below 4.2%, losing their hold on levels not seen since July.
Read more: What Fed Rate Cuts Mean for Bank Accounts, CDs, Loans, and Credit Cards
LIVE1 update
good morning. Here’s what happened today:
Economic data: New and continuing unemployment insurance claims (week ending October 19th, week ending October 12th). S&P Global U.S. Manufacturing and Services PMI (October preliminary figures). Newly built home sales (September). Kansas City Fed Manufacturing Activity (October). Chicago Fed National Activity Index (September).
Revenue: UPS (UPS), American Airlines (AAL), Southwest (LUV), Dexcom (DXCM), Deckers Outdoor Corporation (DECK), Sketchers (SKX), Coursera (COUR), Dow Inc. (DOW), Honeywell International ( HON), Union Pacific Corporation (UNP), Hasbro (HAS), Northrop Grumman Corporation (NOC), Capital One (COF), Beyond, Inc. (BYON)
Here are some of the biggest stories you may have missed throughout the night and early this morning.
Tesla soars after disappointing earnings and positive outlook
Boeing stock falls as workers reject latest labor offer
American Airlines raises profit forecast for 2024
Southwest reaches agreement with activists, ending long-running battle
How Musk’s ‘distraction’ turns into a big victory
IBM stock falls as spending on projects other than GenAI slows
Consumers are better off than they were in 2019, but they don’t feel that way.
T-Mobile exceeds wireless subscriber growth forecasts
