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Dow futures steady, AMD sheds 6.5% after earnings

AuthorOliver Gray
Published 05/02/2023, 06:52 PM
Updated 05/02/2023, 06:52 PM
© Reuters.

Investing.com - U.S. stock futures fell slightly on Tuesday night, following a negative session among benchmark averages as a continuing financial contagion soured risk appetite ahead of the Federal Reserve’s latest policy decision and fresh earnings results.

By 18:45 ET (122:45 GMT), Dow Jones futures were flat while S&P 500 futures and Nasdaq 100 futures eased 0.1% apiece.

In extended deals, Advanced Micro Devices Inc (NASDAQ:AMD) fell 6.5% after reporting Q1 EPS of $0.60 versus $0.56 expected on revenues of $5.4 billion versus $5.3B expected. Looking ahead, the company forecast Q2 2023 revenue in the range of $5B-$5.6B versus $5.49B expected.

Ford Motor (NYSE:F) slipped 1.6% after the company reported Q1 EPS of $0.63, beating expectations of $0.42, while revenue was reported at $39.1B versus $37.4B expected.

Sprout Social (NASDAQ:SPT) dipped 17.4%, reporting Q1 EPS of $0.06, beating expected losses of $0.01 per share, while revenue came in at $75.2 million versus $75.07M expected.

Starbucks (NASDAQ:SBUX) slipped 5.2%, reporting Q2 EPS of $0.74, $0.09 better than the analyst estimate of $0.65. Revenue for the quarter came in at $8.7B versus the consensus estimate of $8.4B.

Ahead in Wednesday's session, market participants will be closely monitoring the outcome of the Federal Reserve's two-day policy meeting and ADP nonfarm employment data, as well as the ISM non-manufacturing PMI and Markit's services PMI readings.

Earnings results from companies including Qualcomm Incorporated (NASDAQ:QCOM), CVS Health Corp (NYSE:CVS), Yum! Brands Inc (NYSE:YUM), and Spirit Aerosystems Holdings Inc (NYSE:SPR) will also be closely watched by investors.

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During Tuesday's regular session, the Dow Jones Industrial Average fell 367.2 points or 1.1% to 33,684.5, the S&P 500 dipped 48.3 points or 1.2% to 4,119.6, and the Nasdaq Composite dipped 132.1 points or 1.1% to 12,080.5.

Regional banking companies remained in turmoil, with KeyCorp (NYSE:KEY), U.S. Bancorp (NYSE:USB), and Zions Bancorporation (NASDAQ:ZION) shedding 9.4%, 7%, and 10.8%, respectively.

On the bond markets, United States 10-Year rates were at 3.433%.

Latest comments

Que pasa con trading
Buy amazon with both hands. And i am a fundamentals guy. But with this exception. Amazon all day
Earnings were set at the bottom floor. Other than Amazon all other companies are at all-time high or near it going into earnings.
Its because evey company put there estimates at what they call the flat fooot. Meaning simple to beat. But they are still beating on rev anf guidance. Amazon is a buy. Agter there sell off. All day. But a lot of others have run wayyyy to much. LIKE 15 years to much Amazon had a healthy 60%pullback. Now look at apple msft etc. all goin into earnings almost or at ath. Thats why. Amzn!
Giuseppe Caruso---I thought we had stopped advertising, shilling, for various trading advisors. we had stopped. I am going to check how, where to report you if you do it again
So AMD beats earnings and revenues and its forward guidance is in line with estimates and it drops 6.5% in after hours trading. Yep, considering other stocks have done the opposite and gained in price. Markets are inside out, upside down.
sounds like everyone is beating expectations. Must be the recession paying off.
some companies are beating expectations on higher prices but much lower volumes - as people disposable cash continues to dry up those numbers will get worse as people stop spending, run out of credit or trade down, the biggest companies are making money on ad revenue but expansion isn't overwhelming - which is just how a recession begins - we are 3 to 4 1/4's out yet especially if employment stays high
if we have to wait 3-4 quarters, inflation will be under control by then and they will be lowering rates.
Market of deception and lies.
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