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Nasdaq-100 futures fall over 1% as Alphabet shares sell off after earnings report: Live updates
Nasdaq-100 futures shed 1.21% early Thursday as investors digested the latest round of hyperscaler earnings.
Dow Jones futures added 198 points, or 0.38%, while futures tied to the broad-based S&P 500 dipped 0.39%
Alphabet was down 10.38% in premarket trading after it missed expectations on adjusted earnings per share and revenue in the third quarter. The Google parent posted negative free cash flow of $9.07 billion. The company kept its full-year capital expenditures forecast at $195 billion to $205 billion.
In contrast, Microsoft was up 3.73% in premarket trade, after growth in the software giant's Azure cloud infrastructure business helped it post beats on the top and bottom lines in the fiscal first quarter, per LSEG.
Stock market today: Dow rises, S&P 500 and Nasdaq futures fall as Alphabet stock sells off, AI jitters return
US stock futures diverged in premarket trading on Thursday as Alphabet's Q3 earnings sparked a sell-off in the stock and AI jitters returned to markets, dragging on the tech-heavy indexes.
Futures on the Dow Jones Industrial Average (YM=F) rose 0.3%. Those on the S&P 500 (ES=F) slid 0.4%, while contracts for the Nasdaq-100 (NQ=F) fell 1.3%.
Tech stocks snapped a positive run this week as investors digested the Fed's rate pause on Wednesday and earnings from Microsoft (MSFT) and Alphabet (GOOG, GOOGL). Microsoft beat analyst expectations on the top and bottom lines, while Alphabet sales came up short. Although Google posted cloud growth of 103%, concerns about its free cash flow and AI return on investment were the albatross on the company's quarter.
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