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US stock futures traded flat on Wednesday after a record-setting session for the Dow as investors looked to the next wave of earnings highlighted by Tesla (TSLA).
Futures on the Dow Jones Industrial Average futures (YM=F) and the S&P 500 (ES=F) were little changed, while contracts on the tech-heavy Nasdaq 100 (NQ=F) slipped 0.1%.
Netflix (NFLX) stock dropped more than 6% in premarket trading after the streaming giant’s earnings missed expectations for profit and revenue. Shares in Mattel (MAT) fell about 7% as the toymaker’s North American sales fell short.
On Tuesday, upbeat quarterly results from General Motors (GM), Coca-Cola (KO), and other blue chips helped propel the Dow to a new intraday record above 47,000 before closing at an all-time high. Meanwhile, gold (GC=F) and silver (SI=F) slammed the brakes on record-breaking rallies, and President Trump injected a fresh sense of uncertainty around trade talks with China.
Investors are now looking ahead to Tesla’s (TSLA) results due after the bell, kicking off a round of crucial “Magnificent Seven” reports. Eyes are on updates on the sales impact of the expiration of the federal EV tax credit as well as ion ts robotaxi rollout.
Official economic data remains sparse as the federal shutdown continues. Friday’s September Consumer Price Index report will be the next major data point for markets. The inflation print will help guide expectations ahead of the Federal Reserve’s meeting next week, where traders widely anticipate a 25-basis-point rate cut.
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Netflix stock sinks after profit and revenue miss
Shares in Netflix (NFLX) fell over 7% before the bell after its third quarter results missed the mark, even as the streaming giant nudged up its guidance for the current quarter.
The streaming giant said late Tuesday it booked an unexpected $619 million expense in a tax dispute with Brazil, which weighed on profit. Meanwhile, revenue came in just shy of expectations.
Yahoo Finance’s Allie Canal reports:
