The U.S. futures edged lower on Thursday morning as investors awaited the release of Q1 advance gross domestic product (GDP) numbers. Moreover, earnings releases from leading tech giants, including Meta Platforms (META) and IBM (IBM), dampened investors’ sentiment. The futures on the Nasdaq 100 (NDX), S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were down by about 1.23%, 0.70%, and 0.28%, respectively, at 3.42 a.m. EST, April 25.
In after-hours trading, Meta stock dropped over 15% after the company offered soft revenue guidance. Meanwhile, IBM stock fell 8.5% as its Q1 top line fell short of the Street’s expectations.
On the earnings front, tech giants, including Microsoft (MSFT), Alphabet (GOOGL), and Intel (INTC), will release their quarterly financials today. Wall Street is upbeat about MSFT and GOOGL stock ahead of the quarterly print. Meanwhile, analysts are sidelined on INTC stock.
Turning to this week’s economic reports, the Q1 2024 GDP (advance estimate) is due for release today. According to the U.S. Bureau of Economic Analysis (BEA), U.S. economic growth is estimated to have slowed to 2.1% in Q1 from 3.4% in Q4.
Meanwhile, the U.S. 10-year treasury yield was down at the time of writing, floating near 4.6%. At the same time, WTI crude oil futures trended higher, hovering near $83.06 per barrel as of the last check.
Elsewhere, European markets opened lower, with the food and beverage sector exerting downward pressure. Traders are also eyeing key economic indicators, such as France’s business climate data and Germany’s consumer sentiment survey.
Asia-Pacific Markets Remained Mixed Today
Asia-Pacific indices remained mixed on Thursday with the commencement of the Bank of Japan’s monetary policy meeting. In addition, investors assessed South Korea’s solid Q1 GDP growth.
Japan’s Nikkei and Topix indices fell 2.16% and 1.74%, respectively. On the other hand, China’s Shanghai Composite and Shenzhen Component indices rose by 0.27% and 0.14%, respectively. Meanwhile, Hong Kong’s Hang Seng index was up 0.36%.
Interested in more economic insights? Tune in to our LIVE webinar.
