Stock market today: Dow, S&P 500, Nasdaq futures fall as Amazon, Intel earnings rattle investors
US stock futures sank in the final trading day of the month as earnings from Amazon (AMZN) and Alphabet (GOOG, GOOGL) this week rekindled concerns about the amount of money Big Tech is spending on its AI ambitions.
Contracts for the Nasdaq-100 (NQ=F) tumbled 2% as a tech-fueled sell-off showed no sign of letting up. Futures on the Dow Jones Industrial Average (YM=F) fell below the flatline, while those on the S&P 500 (ES=F) dropped 1%.
Stocks fell for the second day in a row after Amazon and Alphabet posted rare earnings misses. Amazon shares fell 7% in premarket trading, while Alphabet continued to erase market value after its stock suffered its worst day in over 20 years.
Intel (INTC) also suffered a brutal reaction to its earnings report, dropping 25% in premarket trading after the company’s Q4 outlook came up short.
On Friday, oil majors ExxonMobil (XOM) and Chevron (CVX) and pharmaceutical companies AbbVie (ABBV) and AstraZeneca (AZN) report results before the open.
While earnings remain in focus, oil prices rebounded higher, putting additional pressure on markets. Brent crude futures (BZ=F) rose to $112 per barrel, while WTI crude (CL=F) reached $103 per barrel.
