Stocks Tread Water Before the Open as Investors Await Key U.S. GDP Data, Tesla Results Disappoint
From Nasdaq:
U.S. stock futures are up slightly as investors prepare for more corporate earnings and U.S. economic data. Tesla Inc slumped over -7% in pre-market trading, while Netflix Inc and Advanced Micro Devices Inc saw gains. Economic data showed higher PMI numbers and lower-than-expected inflation. Investors are also looking to U.S. GDP and jobless claims data today.
In Europe, the Euro Stoxx 50 futures are down as investors await the European Central Bank’s interest rate decision. STMicroelectronics fell over -3% after reporting mixed Q4 results, while Nokia Oyj climbed over +7% after strong Q4 operating profit. A survey revealed that German business sentiment unexpectedly worsened.
Asian stock markets closed in the green, with China’s Shanghai Composite Index up +3.03% after new stimulus measures and financial support for developers. Japan’s Nikkei 225 Stock Index rose +0.03%, with chip-related and utilities stocks leading the gains.
In pre-market trading, Tesla Inc slumped over -7% after reporting weaker-than-expected Q4 results, while International Business Machines surged more than +7% after upbeat Q4 results. Las Vegas Sands Corp rose over +2% after strong Q4 revenue, and Hertz Global Holdings Inc fell over -2% after a downgrade from JPMorgan.
Read more: Stocks Tread Water Before the Open as Investors Await Key U.S. GDP Data, Tesla Results Disappoint