Nasdaq futures jumped on Thursday, leading a recovery in US stocks, after Tesla’s (TSLA) surprisingly solid results and high-flying sales forecasts boosted hopes of a strong earnings season.
Futures on the tech-heavy Nasdaq 100 (NQ=F) rose nearly 0.9%, while S&P 500 futures (ES=F) rose 0.5%. But Dow Jones Industrial Average futures (YM=F) struggled to join the advance, falling 0.1%.
Tesla kicked off the ‘Magnificent Seven’ gains with its biggest quarterly profit in more than a year, sparking a wave of optimism that primed stock markets for a comeback after Wednesday’s sharp losses.
Shares in Tesla rose more than 13% in premarket — expected to add more than $80 billion in market cap — as investors welcomed CEO Elon Musk’s prediction that electric vehicle sales could grow 20-30% next year . Amazon (AMZN), Meta (META) and other tech megacaps traded higher after lagging the previous session.
Elsewhere in the corporate sector, shares of Boeing (BA) fell almost 4% after striking workers rejected the pay deal following the plane maker’s $6 billion quarterly loss. It’s the latest in a series of rough news for stocks on the Dow Jones.
Meanwhile, 10-year Treasury yields (^TNX) fell after rising above 4.25% on Wednesday on concerns that the Federal Reserve won’t cut rates as quickly as expected. Interest rates fell below 4.2%, reaching levels not seen since July.
Read more: What the Fed’s interest rate cut means for bank accounts, CDs, loans and credit cards
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Live stock market coverage for Thursday, October 24, 2024
