Dow futures lift, Paypal dips 6.8% after earnings

Investing.com - U.S. stock futures were trading higher during Wednesday's evening deals, following a negative session among major benchmark indices as Fitch's recent long-term credit downgrade of the United States soured sentiment.

By 19:15 ET (23:15 GMT), Dow Jones futures and Nasdaq 100 futures were up 0.2%, while S&P 500 futures ticked 0.1% higher.

In extended deals, PayPal (NASDAQ:PYPL) lost 6.8% after the company reported Q2 EPS of $1.16 versus $1.15 expected, while revenues were reported at $7.29 billion versus estimates of $7.27B. PayPal also forecasted Q3 2023 EPS in the range of $1.22-$1.24 versus $1.22 expected and revenues of $7.4B versus $7.32B expected.

Upwork (NASDAQ:UPWK) popped 19.4%, reporting Q2 EPS of $0.10 versus $0.00 expected. while quarterly revenue came in at $168.61 million versus $162.53M expected.

DoorDash (NYSE:DASH) added 4.9% after reporting Q2 losses of $0.44 per share versus expected losses of $0.41 per share. Revenue was reported at $2.13B versus $2.06B.

Qualcomm (NASDAQ:QCOM) dropped 7.1%, reporting Q3 EPS of $1.87 versus $1.81 expected, with revenue reported at $8.44B versus $8.51B expected. Qualcomm forecasted Q4 2023 EPS in the range of $1.80-$2.00 versus $1.91 expected, while revenues are expected in the range of $8.1B-$8.9B versus $8.7B expected.

Etsy (NASDAQ:ETSY) lost 6.1% after the company reported Q2 EPS of $0.45 versus $0.42 expected. Revenues came in at $628.9M versus $618.62M expected.

Ahead in Thursday's trade, investors will be closely monitoring weekly jobless claims, preliminary nonfarm productivity, as well as the Markit and ISM services PMIs.

On the earnings front, major companies reporting quarterly results include Apple (NASDAQ:AAPL), Amazon.com (NASDAQ:AMZN), ConocoPhillips (NYSE:COP), Airbnb (NASDAQ:ABNB), and Booking Holdings (NASDAQ:BKNG).

Stay ahead of the curve this earnings season with InvestingPro.

During Wednesday's regular session, the Dow Jones Industrial Average dipped 348.2 points or 1% to 35,282.5, the S&P 500 slipped 63.3 points or 1.4% to 4,513.4, and the Nasdaq Composite lost 310.5 points or 2.2% to 13,973.5.

Among data releases, ADP nonfarm employment change data came in well above expectations at 324K, while falling from the previous month's reading of 455K.

On the bond markets, United States 10-Year rates were at 4.088%.