Nasdaq futures are pointing sharply lower ahead of Thursday's open, with contracts on the tech-heavy index down 1.7% as semiconductor stocks reverse Wednesday's gains and investors digest a busy earnings period.
Tesla rose 3.4% in pre-market trading despite an earnings beat leaving traders uneasy, as lower 2026 capital expenditure was offset by heavier planned spending in 2027 and 2028 on robotics and autonomous vehicle projects.
Meta fell in pre-market trade after Wednesday's results, even as the social media group announced a 2-for-1 stock split. Investors appear to be taking profits after a strong run rather than reacting to anything in the numbers themselves.
The broader mood is being soured by oil, with Brent crude touching $111 a barrel following an attack on a Saudi oil field, raising inflation concerns and pushing the 10-year Treasury yield up to 5.15%.
The VIX volatility index jumped nearly 10%, signalling that nerves are rising as the earnings season hits its peak.
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