The Nasdaq futures soared on Thursday, leading a rebound in US stocks following Tesla’s impressive results and optimistic sales forecast. This surge in Nasdaq 100 futures and S&P 500 futures set the stage for a strong earnings season, while Dow Jones Industrial Average futures struggled to follow suit.
Tesla, known as one of the “Magnificent Seven” companies, reported its largest quarterly profit in over a year, sparking investor optimism. As a result, Tesla’s stock surged over 13% in premarket trading, potentially adding over $80 billion in market capitalization. CEO Elon Musk’s projection of a 20-30% growth in electric vehicle sales next year further fueled market enthusiasm. Tech giants like Amazon and Meta also saw gains after underperforming in the previous session.
However, other corporate news was less rosy, with Boeing shares dropping nearly 4% after workers rejected a pay deal following a $6 billion quarterly loss. This news added to the series of setbacks for stocks on the Dow.
In the midst of these market movements, the 10-year Treasury yield fell back below 4.2%, after peaking at 4.25% on worries that the Federal Reserve may delay interest rate cuts. Investors are closely monitoring the Fed’s rate decisions and their impact on financial instruments like bank accounts, CDs, loans, and credit cards.
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