The S&P 500 futures are down by 24 points, showing a 0.4% drop. Nasdaq 100 futures have decreased by 160 points, indicating a 0.7% fall, and Dow Jones Industrial Average futures are down by 65 points, seeing a 0.1% decline.
Early trading reflects a negative tone due to disappointing earnings. Alphabet (GOOG) revealed weak revenue growth, and Uber (UBER, Financial) reported lower-than-expected operating income. As a result, shares are down by 7% and 5%, respectively, in pre-market trading.
Walt Disney (DIS, Financial) missed earnings forecasts and reported a decline in streaming subscribers, yet shares are up by 1.5% before the market opens.
Advanced Micro Devices (AMD, Financial) experienced a significant premarket drop of around 10% following a mixed reception to its fourth-quarter results, particularly due to a miss in Data Center revenue. Citi downgraded the stock to Neutral from Buy, reducing the price target to $110 from $170. Analysts highlighted concerns about the lack of AI revenue guidance and potential inventory build-up in CPUs, leading to a cautious outlook for AMD and Intel (INTC, Financial) in the coming quarters.
Uber Technologies (UBER, Financial) saw its shares decline in premarket trading despite reporting impressive Q4 results, including an 18% increase in gross bookings to $44.2 billion and a 20% rise in total revenue to $12 billion. However, investor concerns were sparked by a slight miss in anticipated bookings growth and adjusted EBITDA for Q1. CEO Dara Khosrowshahi emphasized the company's strong performance and strategic momentum heading into 2025.
Alphabet's lackluster results contributed to a decline in Nasdaq futures, impacting market sentiment. Although major equity averages closed higher the previous day, concerns over U.S.-China trade tensions and China's retaliatory tariffs continued to weigh on investors.
The U.S. Postal Service's suspension of inbound packages from China and Hong Kong, linked to new tariffs announced by President Trump, has rattled the e-commerce sector. Despite the regulatory changes, Bank of America believes the impact on PDD Holdings (PDD, Financial) will be minimal, as Temu represents only a small percentage of the company's financials.
Chipotle Mexican Grill (CMG, Financial) disclosed potential cost impacts from tariffs on Canadian and Mexican imports, which could affect its supply chain. The company sources a small percentage of its sales from these countries, and CFO Adam Rymer projected a 60 basis points impact on cost of sales if tariffs are fully implemented.
Enphase Energy (ENPH, Financial) reported better-than-expected Q4 earnings, driven by gross margin expansion and strong U.S. sales. The company guided for Q1 revenues above Wall Street consensus, despite a decline in European demand.
Disney (DIS, Financial) delivered strong Q1 results, aligning with Wall Street expectations. The company anticipates high single-digit growth in adjusted EPS for the full year, along with cash flow from operations of about $15 billion. However, Disney expects a modest decline in Disney+ subscribers in Q2.
Twilio (TWLO, Financial) announced a partnership with Chelsea Football Club to enhance fan engagement using its customer data platform. This collaboration aims to provide better insights into Chelsea's global fan base, enhancing both in-stadium and digital experiences.
Ecopetrol (EC, Financial) faced pressure after Colombia's President Petro called for the sale of its U.S. fracking operations, advocating for investments in clean energy. Despite this, Ecopetrol plans to extend its joint venture with Occidental Petroleum (OXY) in the Permian Basin.
Aurora Cannabis (ACB, Financial) saw a 27% premarket surge following strong Q3 results, primarily driven by its medical cannabis segment. The company reported significant revenue growth and a swing to profitability, bolstered by improvements in adjusted gross margin.
Novo Nordisk (NVO, Financial) reported robust Q4 profits, buoyed by its GLP-1 drugs, including Wegovy. The company's sales surged, particularly in its diabetes and obesity care segment, contributing to a notable improvement in operating margin.
Apple (AAPL, Financial) is under scrutiny from China's antitrust regulator over its App Store policies. The investigation focuses on the fees charged to app developers and restrictions on external payment services. This comes amid broader regulatory challenges faced by U.S. tech companies in China.
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