Nasdaq futures slide as Amazon and Apple retreat after earnings
Nasdaq 100 futures fell Thursday evening following an extravaganza of Big Tech earnings, with disappointments from Amazon and Apple.
Futures tied to the tech-heavy index fell 2%, while Dow Jones Industrial Average Futures slid 0.3% and S&P 500 futures retreated 1%.
The moves are a big reversal for stocks, which posted big gains in regular trading. The Dow rose 614 points, or 1.9%, and the S&P 500 advanced 2.5%. The tech-heavy Nasdaq Composite jumped 3.1%.
Investors' big focus Thursday night was on Amazon, whose shares tumbles by about 10% in extended trading after reporting a surprise loss thanks to its investment in Rivian and issued weak revenue guidance for the second quarter.
Apple initially got a lift after a big earnings beat but turned lower after CFO Luca Maestri said supply chain constraints could hinder fiscal third-quarter revenue. Shares were down more than 3% after hours.
Despite Thursday's gains, stocks still have a ways to go to finish green for the month. The Dow is off by 2.2% for the month and the S&P 500 is down 5.4%. The Nasdaq is on pace for its worst month since March 2020, down 9.5%. Friday will be the last trading day of the month.
This has been one of the busiest weeks for earnings season and a particularly intense one for tech companies, which have driven investor sentiment throughout the week.
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Intel also reported earnings Thursday evening. The stock fell more than 3% in extended trading after the company issued weak guidance for its fiscal second
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