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Dow Futures Move Higher Amid Big Tech Earnings

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By Oliver Gray

Investing.com - Dow Futures moved slightly higher during Tuesday’s evening trade, after major benchmark averages closed sharply lower as investors remained cautious on the prospects of economic growth while monitoring Q1 corporate earnings reports.

By 6:35pm ET (10:35pm GMT) Dow Jones Futures lifted 0.2%, S&P 500 Futures gained 0.1% and Nasdaq 100 Futures added 0.2%.

Among reporting companies, Alphabet Inc (NASDAQ:GOOGL) dipped 2.2% in extended trading after reporting an earnings miss. The company reported earnings of $24.62 per share versus $25.91 expected and revenues of $68.01 billion versus $68.11 billion expected.

Microsoft Corporation (NASDAQ:MSFT) popped 5.9% in after-hours trade following earnings results that exceeded expectations, with EPS coming in $2.22, compared to $2.19 expected, while revenues came in at $49.36 billion versus $49.05 billion expected.

Visa Inc (NYSE:V) lifted 4.5% after posting an earnings beat on the top and bottom lines, with earnings of $1.79 per share coming in better than the consensus estimate of $1.65, while revenues came in at $7.2 billion, beating expectations of $6.83 billion. Visa also expects travel recovery will continue to boost growth.

Enphase Energy Inc (NASDAQ:ENPH) lifted 5.5% in extended trading after the company reported quarterly results. Enphase reported earnings of 79 cents per share, compared to expectations of 67 cents per share.

Meanwhile, Robinhood Markets Inc (NASDAQ:HOOD) lost 3.1% in after-hours trade as the company said it is cutting back on staff, according to a blog post from CEO Vlad Tenev.

Facebook parent Meta Platforms Inc (NASDAQ:FB) also dipped 2.2% after-hours ahead of its earnings report on Wednesday, while Apple Inc (NASDAQ:AAPL) and Amazon.com Inc (NASDAQ:AMZN) are slated to report on Thursday. Boeing Co (NYSE:BA), PayPal Holdings Inc (NASDAQ:PYPL) and Ford Motor Company (NYSE:F) are also reporting earnings on Wednesday.

During Tuesday’s regular trade, the Dow Jones Industrial Average shed 809.28 points, or 2.4%, to 33,240.18, the S&P 500 lost 2.8% to 4,175.20 and the tech-heavy NASDAQ Composite dropped 3.95% and to close at a 52-week low of 12,490.74.

Tesla Inc (NASDAQ:TSLA) was the biggest laggard on the Nasdaq Composite, falling 12.2% during the regular session. The shares also came under pressure as its CEO and founder Elon Musk, looked to close his proposed deal to buy Twitter Inc (NYSE:TWTR) for $44 billion. Chip stocks were also among the hardest hit, as NVIDIA Corporation (NASDAQ:NVDA) lost 5.6%, and Advanced Micro Devices Inc (NASDAQ:AMD) retreated 6.1%.

Financial players struggled as U.S. Treasury yields declined, with the benchmark 10-Year rate falling to 2.728%. JPMorgan Chase&Co (NYSE:JPM) dipped 3%, Citizens Financial Group Inc (NYSE:CFG) lost 4.1%, Bank of America Corp (NYSE:BAC) fell 2.3% and Morgan Stanley (NYSE:MS) shed 3.2%.

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