Futures bounce after selloff as Tesla jumps 11%
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Futures: Dow down 0.09%, S&P 500 up 0.36%, Nasdaq up 0.67%
Oct 24 (Reuters) -Futures tracking the S&P 500 and the Nasdaq 100 rose on Thursday as an upbeat forecast from Tesla kicked off megacap earnings on a positive note, following declines in major indexes in the previous session.
Shares of the electric vehicle maker soared nearly 11% in premarket trading after it reported robust third-quarter profits and surprised investors with a prediction of 20-30% growth in sales next year.
Tesla was the first of the so-called Magnificent Seven group of megacap stocks to report, with results from several of the cohort awaited next week.
The other six also rose, with Nvidia NVDA.O jumping 1.3%, Amazon.com AMZN.O up 0.6% and Meta Platforms META.O gaining 0.9% after steep declines in the prior session.
At 4:55 a.m. ET, Dow E-minis 1YMcv1 were down 39 points, or 0.09%, U.S. S&P 500 E-minis EScv1 were up 21.25 points, or 0.36% and Nasdaq 100 E-minis NQcv1 were up 135.75 points, or 0.67%.
Wall Street had sold off on Wednesday, with the benchmark S&P 500 notching its third straight decline and the Nasdaq seeing its worst day since early September.
Stocks have eased from record levels over the past few sessions due to a reassessment of bets on the Federal Reserve's rate cuts, rising Treasury yields, corporate earnings and uncertainty over the upcoming U.S. elections.
"Price action speaks to a market that was overly rich and well-owned, and as the cracks started to emerge the signal was there for others to follow," said Chris Weston, head of research at Pepperstone.
Moves were likely exacerbated as traders moved to hedge their losses, Weston added.
The yield on the benchmark 10-year Treasury eased slightly on the day, but was still trading around its highest since late July.
Shares of Boeing BA.N dropped 3% after factory workers voted on Wednesday to reject a contract offer and continue a more than five-week strike that has seen the company's losses soar.
International Business Machines IBM.N lost 4.3% after missing estimates for third-quarter revenue, while gold producer Newmont NEM.N dropped 5.4% as higher costs and weaker Nevada output saw it miss profit estimates.
The third-quarter earnings season continues apace, with United Parcel Service UPS.N, Southwest Airlines LUV.N and Keurig Dr Pepper KDP.O among those reporting before the bell.
S&P Global flash PMIs and weekly jobless claims data are due on the day, while the Cleveland Fed's Beth Hammack is scheduled to speak.
Reporting by Lisa Mattackal in Bengaluru; Editing by Saumyadeb Chakrabarty
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