Dow Futures Retreat as Major Tech Earnings Disappoint By Investing.com

By Oliver Gray 

Investing.com – fell Thursday evening following a deluge of Big Tech earnings, as disappointments from Amazon and Apple soured investor sentiment following a strong performance from major benchmark averages during regular trade.

By 6:35pm ET (10:35pm GMT) were down 0.3%, fell 0.8% and were down 1.4%.

In extended deals, Amazon.com Inc (NASDAQ:) retreated 8.6% after the company first-quarter results while issuing weaker-than-expected revenue guidance for the second quarter. Adjusted EPS came in at $7.38 versus $8.36 expected, on revenues of $116.44 billion versus $116.3 billion expected. The company also recorded a $7.6 billion loss on its Rivian investment.

Apple Inc (NASDAQ:) was down 2.3% despite posting a strong beat, while CFO Luca Maestri noted that supply chain constraints could hinder fiscal third-quarter revenues. EPS came in at $1.52 versus $1.43 expected on revenues of $97.28 billion versus $93.89 billion expected.

Robinhood Markets Inc (NASDAQ:) retreated 10.6% after losses per share of 45 cents versus 36 cents expected on revenues of $299 million versus $355.8 million expected. The company also reported a decrease in monthly active users, to 15.9 million from 17.7 million a year ago.

Intel Corporation (NASDAQ:) dipped 4% after the company results and issued weaker than expected guidance for its fiscal second quarter. Adjusted EPS came in at 87 cents versus 81 cents expected on revenues of $18.35 billion, versus $18.31 billion expected.

Western Digital Corporation (NASDAQ:) moved 0.7% higher in extended trade after the company earnings per share of $1.65 versus $1.49 expected on revenue of $4.38 billion versus $4.34 billion expected. It also topped revenue estimates and issued strong guidance for the next quarter.

On the economic front, the Commerce Department reported that U.S. unexpectedly declined in the first quarter by 1.4% from the previous year, compared to market expectations of 1% growth.

Looking ahead, investors are focusing on fresh data, while the is also due out at 10am ET. Meantime, Honeywell International Inc (NASDAQ:) and Bristol-Myers Squibb Company (NYSE:) are slated to report earnings results before the bell, while energy companies Exxon Mobil Corp (NYSE:), Chevron Corp (NYSE:) and Phillips 66 (NYSE:) will also report.

During Thursday’s regular trade, the rose 614 points or 1.9% to 33,916.4, the advanced 2.5% to 4,287.5 and the jumped 3.1% to 12,871.5. For the month, the Dow is down 2.2% and the S&P 500 has fallen 5.4% while The Nasdaq is on pace for its worst month since March 2020, down 9.5%.

On the bond markets, yields were at 2.832%.