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Dow futures steady, AMD sheds 6.5% after earnings
Dow futures steady, AMD sheds 6.5% after earnings By Investing.com
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Published May 02, 2023 06:52PM ET
(C) Reuters.
Investing.com – U.S. stock futures fell slightly on Tuesday night, following a negative session among benchmark averages as a continuing financial contagion soured risk appetite ahead of the Federal Reserve’s latest policy decision and fresh earnings results.
By 6:45pm ET (10:45pm GMT) Dow Jones Futures were flat while S&P 500 Futures and Nasdaq 100 Futures eased 0.1% apiece.
In extended deals, Advanced Micro Devices Inc (NASDAQ:AMD) fell 6.5% after reporting Q1 EPS of $0.60 versus $0.56 expected on revenues of $5.4 billion versus $5.3 billion expected. Looking ahead, the company forecasted Q2 2023 revenue in the range of $5-5.6 billion versus $5.49 billion expected.
Ford Motor (NYSE:F) slipped 1.6% after the company reported Q1 EPS of $0.63, beating expectations of $0.42, while revenue was reported at $39.1 billion versus $37.4 billion expected.
Sprout Social (NASDAQ:SPT) dipped 17.4%, reporting Q1 EPS of $0.06, beating expecated losses of $0.01 per share, while revenue came in at $75.2 million versus $75.07 million expected.
Starbucks (NASDAQ:SBUX) slipped 5.2%, reporting Q2 EPS of $0.74, $0.09 better than the analyst estimate of $0.65. Revenue for the quarter came in at $8.7B versus the consensus estimate of $8.4B.
Ahead in Wednesday’s session, market participants will be closely monitoring the outcome of the Federal Reserve’s two-day policy meeting and ADP nonfarm employment data, as well as the ISM non-manufacturing PMI and Markit’s services PMI readings.
Earnings results from companies including Qualcomm Incorporated (NASDAQ:QCOM), CVS Health Corp (NYSE:CVS), Yum! Brands Inc (NYSE:YUM) and Spirit Aerosystems Holdings Inc (NYSE:SPR) will also be closely watched by investors.
During Tuesday’s regular session, the Dow Jones Industrial Average fell 367.2 points or 1.1% to 33,684.5, the S&P 500 dipped 48.3 points or 1.2% to 4,119.6 and the NASDAQ Composite dipped 132.1 points or 1.1% to 12,080.5.
Regional banking companies remained in turmoil, with KeyCorp (NYSE:KEY), U.S. Bancorp (NYSE:USB) and Zions Bancorporation (NASDAQ:ZION) shedding 9.4%, 7% and 10.8%, respectively.
On the bond markets, United States 10-Year rates were at 3.433%.
Dow futures steady, AMD sheds 6.5% after earnings
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