Dow Futures Trade Higher, Meta Plunges 19% After Earnings

By Oliver Gray 

Investing.com - U.S. stock futures were trading in a mixed fashion during Wednesday’s evening deals, after both the S&P 500 and NASDAQ Composite snapped 3 session win streaks as disappointing earnings from major tech companies soured risk appetite.

By 19:10 ET (23:10 GMT) Dow Jones Futures were up 0.5%, S&P 500 Futures gained 0.4%, and Nasdaq 100 Futures were up 0.3%.

In extended deals, Meta Platforms Inc (NASDAQ:META) tanked 19% after the company reported Q3 EPS of $1.64, below analyst estimates of $1.93, while revenue was reported at $27.71 billion versus $27.57 billion expected. Looking forward, Meta Platforms forecasted revenue of $30 billion-32.5 billion for Q4 2022, versus $32.3 billion expected.

NETGEAR Inc (NASDAQ:NTGR) fell 8.9% after reporting Q3 EPS of $0.21 versus $0.08 expected, while revenue was reported at $249.6 million versus $244.55 million expected.

Align Technology Inc (NASDAQ:ALGN) dipped 18.8% after reporting Q3 EPS of $1.36, below estimates of $2.18, while revenue came in at $890.3 million versus $973.03 million expected.

Teladoc Inc (NYSE:TDOC) lifted 9.3% after the company reported Q3 losses of $0.45 per share, better than expected losses of $0.57 per share. Revenue was reported at $611.4 million versus $608.76 million expected.

Ahead in Thursday’s session, investors will be looking ahead to fresh GDP, jobless claims, and durable goods data as well as further earnings results from companies including Amazon.com Inc (NASDAQ:AMZN), Intel Corporation (NASDAQ:INTC), and McDonald’s Corporation (NYSE:MCD).

During Wednesday’s regular session, the Dow Jones Industrial Average added just 2.4 points to 31,839.1, the S&P 500 fell 28.5 points or 0.7% to 3,830.6, and the NASDAQ Composite lost 228.1 points or 2% to 10,971.

On the bond markets, United States 10-Year rates were at 4.007%.