U.S. stock index futures fell on Thursday, with Nasdaq futures down nearly 2%, as Facebook-owner Meta Platforms' disappointing forecast triggered a slump in other technology companies and threatened to upend a nascent recovery in stock markets.
At 6:07 a.m. ET, Dow e-minis were down 80 points, or 0.23%, S&P 500 e-minis were down 47 points, or 1.03%, and Nasdaq 100 e-minis were down 319.75 points, or 2.12%.
Nearly half of the S&P 500 companies have reported results so far during this earnings season, and 77.1% of them have beaten analysts' earnings estimates, compared with an average of 84% over the past four quarters, according to Refinitiv data."Short-term traders are likely taking profit on those rebound gains over the past week," Peter Garnry, head of equity strategy at Saxo Bank, said.
"Overall, the underlying dynamics are unchanged in the market, with downside risks persisting, driven by inflation and tightening of financial conditions." Investors will be keeping an eye out for jobless claims data at 8:30 a.m. ET, where the number of Americans filing new claims for unemployment benefits is expected to decrease to 245,000 for the week ended Jan. 29, from 260,000 in the previous week.Register now for FREE unlimited access to Reuters.
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