Nasdaq Futures Rise As Alphabet Earnings Offset Tesla Disappointment, But Wall Street Poised For Mixed Open

U.S. stock futures were mixed early Thursday, following news about trade deals and positive earnings that boosted risk appetite among traders in the previous session and sent the S&P 500 Index to a fresh record.

Earnings were mixed, with Alphabet (GOOG) (GOOGL) stock rising on the search giant’s quarterly results, while Tesla’s dismal quarter and CEO Elon Musk’s projection of some “rough quarters” ahead triggered a stock slide. IBM (IBM) also fell in premarket trading following its quarterly report.

As of 4:20 a.m. ET, on Thursday, the Nasdaq 100 futures rose 0.26%, while the S&P 500 futures were up marginally, and the Dow futures slipped 0.31%. The Russell 2000 futures declined 0.43%.

On Wednesday, the U.S. trade deal with Japan and signs of the European Union (EU) nearing a trade agreement allayed tariff concerns, triggering buying in most S&P 500 sectors, except for defensive consumer staple and utility stocks.

Healthcare stocks led from the front, while energy, industrial, and IT stocks also saw strong buying.

The Invesco QQQ Trust (QQQ), an exchange-traded fund (ETF) that tracks the Nasdaq 100 Index, gained 0.46%, while the SPDR S&P 500 ETF (SPY) climbed 0.85%. 

The SPDR Dow Jones Industrial Average ETF Trust (DIA) surged up 1.8%, and the iShares Russell 2000 ETF (IWM) jumped 1.53%.

Thursday has its fair share of economic data, including the weekly jobless claims data (8:30 a.m. ET), S&P Global’s flash private sector activity readings for July (9:45 a.m. ET), and the Commerce Department’s June new home sales report (10 a.m. ET).

Key earnings reports due for the day include those from American Airlines (AAL), Blackstone (BX), Comcast (CMCSA), Dow (DOW), Honeywell (HON), Union Pacific (UNP), Boyd Gaming (BYD), Intel (INTC), Sallie Mae (SLM) and SkyWest (SKYW).

Crude oil futures added to their gains in the European session and traded at $65.75 a barrel, while gold futures extended their slide.

The 10-year U.S. Treasury yield traded above the 4.40% level, amid rising risk appetite. The U.S. dollar is firmer against most major currencies, except the yen and the Canadian dollar. 

Asian stocks advanced solidly, encouraged by Wall Street’s record run. The Japanese market recorded back-to-back solid gains, while the Australian and Indian markets bucked the uptrend.

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