By Shreyashi Sanyal
(Reuters) – U.S. stock index futures edged lower on Thursday as IBM and Tesla fell after their quarterly results, with investors awaiting more reports to see the impact of supply chain disruption and labor shortages on companies.
Tesla Inc fell 1% in premarket trading as it said on Wednesday its upcoming factories and supply-chain headwinds would put pressure on its margins after it beat Wall Street expectations for third-quarter revenue.
The EV maker’s quarterly report comes a day after shares of growth peer Netflix Inc slipped following its results.
Other mega-cap stocks including Facebook Inc, Apple Inc and Amazon.com Inc fell between 0.1% and 0.3% on Thursday.
IBM slipped 4.7% after it missed market estimates for quarterly revenue as its managed infrastructure business suffered from a decline in orders.
Investors are keeping a close eye on growth outlook from companies facing rising costs, labor shortages and supply chain disruptions, with analysts expecting profit of S&P 500 companies to rise 33% from a year earlier, according to Refinitiv data.
The Dow Jones Industrials Average hit an intraday record high on Wednesday and the benchmark index came within five points of its early September record.
Also on the radar is data that could show weekly jobless claims rising to a figure of around 300,000 last week, up from 293,000 in the previous week.
At 6:50 a.m. ET, Dow e-minis were down 105 points, or 0.3%, S&P 500 e-minis were down 11.25 points, or 0.25%, and Nasdaq 100 e-minis were down 25.5 points, or 0.17%.
AT&T Inc rose 1% after the telecom operator’s quarterly revenue and monthly phone bill paying subscriber additions beat market expectations.
Dow Inc gained 1.1% after it posted a more than a five-fold jump in third-quarter profit as economic recovery boosted prices for chemicals.
(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Arun Koyyur)
