U.S. stock index futures higher after GDP, other economic data. GDP, a sum of all the goods and services produced from July through September, increased at a 2.6% annualized pace for the period, against the Dow Jones estimate for 2.3%.
Results from Amazon.com Inc and Apple Inc are expected later in the day.
Market Snapshot
At 8:37 a.m. ET, Dow e-minis were up 291 points, or 0.91%, S&P 500 e-minis were up 7.5 points, or 0.2%, and Nasdaq 100 e-minis were down 33 points, or 0.29%.
Pre-Market Movers
Meta — The social media stock dropped 22.5% after Meta reported an earnings miss and a weaker-than-expected fourth-quarter forecast. Meta reported earnings of $1.64 per share on revenue of $27.71 billion. Analysts surveyed by Refinitiv were expecting $1.89 per share on revenue of $27.38 billion. Concern over rising spending to build out the metaverse also hurt the stock.
Ford — Shares dropped 1.7% after Ford reported a net loss of $827 million in its most recent quarter, citing supply chain issues and costs after dropping its autonomous vehicle unit Argo AI.
McDonald’s — The fast-food giant rose 2.4% after beating expectations in its most recent quarter. McDonald’s said traffic is growing in its U.S. restaurants even after raising prices, in contrast to other quick-service chains that recently hiked menu prices.
Shopify — Shopify Inc beat Wall Street estimates for quarterly revenue on Thursday, as businesses stuck to the Canadian online services provider's tools and payment options to scale up. The company's U.S.-listed shares rose 3.2% in trading before the bell.
Comcast — The telecommunications stock jumped 7.1% after Comcast topped earnings and revenue expectations. Comcast reported earnings of 96 cents per share on revenue of $29.85 billion, compared to expectations of 90 cents per share on revenue of $29.65 billion, according to consensus estimates on Refinitiv.
Honeywell — The stock advanced 4.8% after the industrial company beat earnings expectations for third quarter, citing strong growth in advanced materials, commercial aerospace and building products businesses.
ServiceNow — ServiceNow spiked 13.8% after the software company after topping earnings expectations in its third quarter, though reporting a slight miss on sales estimates, according to consensus estimates on FactSet.
Southwest Airlines — Southwest Airlines Co forecast a higher fourth-quarter revenue on Thursday after beating profit estimates, as it benefited from strong leisure travel demand that is showing no signs of easing in the face of economic worries. Shares of the U.S. carrier were up 4.3% before the bell.
Caterpillar — Shares popped 5.1% after Caterpillar reported earnings that beat on the top and bottom lines. The construction machinery and equipment maker posted earnings of $3.95 per share on revenue of $14.99 billion. Caterpillar was expected to earn $3.16 per share on revenue of $14.33 billion, according to consensus estimates from Refinitiv.
Altria — Cigarette maker Altria Group on Thursday reported third-quarter earnings that missed Wall Street estimates as its revenue fell. The shares fell 2.7% before the bell.
Northrop Grumman — Northrop Grumman declined 3.8% after missing revenue expectations for its third quarter. The defense company reported revenue of $8.97 billion, compared to forecasts of 9.13 billion, according to consensus estimates compiled by Refinitiv.
Align Technology — Shares of the Invisalign maker plunged 19.4% after Align Technology posted a disappointing earnings report. The Invisalign maker reported earnings of $1.36 per share on revenue of $890 million. Analysts polled by Refinitiv were forecasting earnings of $2.18 per share on revenue of $953 million.
Sleep Number — The stock tumbled 27.6% after Sleep Number issued a weak fourth quarter outlook because of softer demand and semiconductor supply chain issues.
Market News
Meta Stock Craters Over Bleak Forecast and Expensive Metaverse Bets
Facebook parent Meta Platforms Inc on Wednesday forecast a weak holiday quarter and significantly more costs next year, sending shares down nearly 23% as investors voiced skepticism about the company's pricey metaverse bets.
The forecast knocked about $67 billion off Meta's stock market value in extended trade, adding to the more than half a trillion dollars in value already lost this year.
Twitter Shares to Be Suspended on NYSE As Musk Nears Takeover
Twitter Inc shares will be suspended from trading on Friday, the New York Stock Exchange's website showed, as billionaire Elon Musk faces a court-ordered Oct. 28 deadline to close his $44 billion deal to buy the social media company.
Musk, the world's richest person, visited Twitter's headquarters in San Francisco on Wednesday and hinted he was the company's top boss after updating his profile bio to "Chief Twit".
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