Dow Futures Tick Lower Ahead of Major Tech Earnings

© Reuters Dow Futures Tick Lower Ahead of Major Tech Earnings

By Oliver Gray 

Investing.com – Dow futures fell slightly during Monday evening after major benchmark averages finished higher at the end of regular trade as market participants look ahead to earnings reports from major technology companies.

By 6:38pm ET (10:38pm GMT) Dow Jones Futures were down 0.1%, S&P 500 Futures were flat and Nasdaq 100 Futures fell 0.15%.

Among stocks, Cadence Design Systems Inc (NASDAQ:CDNS) lifted 4.6% in after-hours trade following the company’s quarterly earnings report. Earnings per share came in at $1.17 versus $1.02 expected and revenue was at $901.77 million versus $770.84 million expected. The company also issued upbeat full year earnings and revenue guidance.

O-I Glass Inc (NYSE:OI) popped 10.6% after posting Q1 EPS of $0.56, beating expectations of $0.40 while revenue for the quarter came in at $1.69 billion versus $1.55 billion expected.

SBA Communications Corp (NASDAQ:SBAC) lifted 2.8% after reporting quarterly results, with EPS coming in at $1.72 versus $1 expected, while revenues were at $619.7 million versus $603.51 million expected. The company also announced a repurchasing of 1.3 million shares.

Universal Health Services Inc (NYSE:UHS) tanked 12.1% in extended deals after posting Q1 EPS of $2.15, below consensus of $2.46 while revenue came in at $3.29 billion versus $3.24 billion expected.

Ahead in the session, big tech earnings are set to kick off after the bell with Alphabet Inc (NASDAQ:GOOGL) and Microsoft Corporation (NASDAQ:MSFT), while Meta Platforms Inc (NASDAQ:FB), Amazon.com Inc (NASDAQ:AMZN) and Apple Inc (NASDAQ:AAPL) are slated to report later in the week.

Among economic data, investors are expecting fresh numbers for new home sales and consumer confidence later in the session.

During Monday’s regular trade, the Dow Jones Industrial Average erased a 500-point intraday loss to close 238.06 points or 0.7% higher at 34,049.47. The S&P 500 added 24.34 points or 0.6% to 4,296.13 and the NASDAQ Composite lifted 165.56 points or 1.3% to 13,004.85.

The moves came as major technology players rallied amid falling interest rates and ahead of an intense week of earnings for mega cap tech stocks. Twitter Inc (NYSE:TWTR) also jumped after its board accepted Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s offer to take it private.

On the bond markets, United States 10-Year rates eased to 2.818%.