US pre-open: Futures lower following Q3 GDP, tech earnings

31st Oct 2024 12:02

(Sharecast News) - Wall Street futures were firmly in the red ahead of the bell on Thursday following a preliminary reading of America's Q3 GDP and earnings from some big-name tech firms overnight.

As of 1225 GMT, Dow Jones futures were down 0.50%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.67% and 0.78% weaker, respectively.

The Dow closed 91.51 points lower on Wednesday after a preliminary GDP reading showed the US economy had grown at a 2.8% annualised clip in Q3, falling short of the 3.1% print expected by analysts.

Corporate earnings were again in focus early on Thursday, with Meta Platforms trading lower after missing expectations for user growth and warning that capital expenditures would increase in 2025, while Microsoft issued revenue guidance that disappointed investors.

Still to come, tech earnings will again be in focus on Thursday, with both Apple and Amazon slated to report earnings after the close.

On the macro front, US employers announced 55,597 job cuts in October, according to Challenger, Gray and Christmas, down from September's reading of 72,821 but markedly higher than 36,836 at the same time a year earlier.

Still to come, weekly jobless claims and September's PCE reading will be out at 1230 GMT, while the Chicago Fed's October purchasing managers index will be published at 1345 GMT.

Reporting by Iain Gilbert at Sharecast.com