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Futures Lower, Tesla Drops Despite Record Profits, Oil Slips

U.S. stocks fell in premarket trading on Thursday as investors weighed corporate earnings against inflation and growing China risks.

Corporate earnings have somewhat eased concerns that inflation pressures would slow the pandemic recovery. Despite rising costs, 84% of the companies that posted earnings so far beat expectations.

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However, that was not enough to satisfy the markets. Stocks that beat expectations did not go considerably higher. Those that missed were hammered.

Jobless claims data was better than expected on Wednesday. Initial claims fell to a pandemic low of 290,000, better than the estimated 297,000.

Level Chg. Chg. %
DOW Futures 35,378.00 -99 -0.28%
S&P 500 Futures 4,515.75 -12.25 -0.27%
Nasdaq Futures 15,328.25 -49.25 -0.32%

U.S. Dollar and Treasuries

The yield on the 10-year Treasury is inching toward 1.7%. The dollar remained stable against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 93.7 +0.14 +0.15%
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Yield Change Previous close
U.S. 1 Year Treasury Bill 0.098% 0.001 0.096%
U.S. 2 Year Treasury Note 0.408% 0.017 0.391%
U.S. 5 Year Treasury Note 1.187% 0.022 1.165%
U.S. 10 Year Treasury Note 1.679% 0.019 1.660%
U.S. 20 Year Treasury Bond 2.128% 0.020 2.108%
U.S. 30 Year Treasury Bond 2.152% 0.018 2.134%

Stocks To Watch

Tesla posted record profits in the third quarter. Profits were at $2.093 billion on $13.76 billion in revenues. The company maintained a profit margin of 30.5% in the quarter. However, shares were down as the EV manufacturer cautioned that increased production in Texas and Germany would lower profit margins in the final quarter of 2021.

Shares of AT&T were up on positive earnings reports. The telecommunications company beat estimates on earnings and subscriber growth. Adjusted Q3 earnings were at 87 cents per share, above the estimated 78 cents. The company added 1.22 million wireless customers during the quarter, topping estimates.

Major airline companies beat earnings estimates for the quarter. American Air Lines reported profits of $169 million, on revenue of $8.97 billion. Southwest Airlines reported a net income of $446 million on revenue of $4.68 billion.

Shares of the railroad company Union Pacific were up ahead of its quarterly earnings report.

Symbol Movers Price Chg. % Volume
TSLA Tesla $853.20 1.44% 115.2K
T AT&T $29.82 1.47% 226.5K
UNP Union Pacific $226.48 0.67% 747
AAL American Air Lines $19.74 1.13% 141.8K
LUV Southwest Airlines $49.70 0.46% 3.48K

 

Commodities To Watch

Oil prices pulled back from multi-year high on a broad retreat in commodity prices. The strengthening dollar made commodities a less attractive investment. Gold dropped. 

Price Chg. %
WTI Crude Oil $82.67 -0.90%
Brent Crude Oil $84.74 -1.26%
Natural Gas $5.07 -1.95%
Gold $1,779.60 -0.30%
Silver $24.18 -1.08%
Copper $4.62 -2.36%
Soybeans $1,238.75 -0.54%

Crypto

The global crypto market cap is $2.67T, a 5.60% increase over the last day. Bitcoin’s dominance is currently 46 28%, a decrease of 1 27% over the day.

Symbol Price Chg. % Market Cap.
Bitcoin BTC $64,665.86 +1.42% 1.22t
Etherium ETH $4,211.68 +8.99% 495.37b
Cardano ADA $2.23 +3.88% 70.78b
Ripple XRP $1.13 +2.10% 49.86b
Dogecoin DOGE $0.2504 +2.56% 33.00b

 

 

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