Stock market today: Dow, S&P 500 and Nasdaq futures slide as US-Iran uncertainty persists, Tesla slips after-hours
US stock futures inched down Wednesday night after another record-setting session from the S&P 500 (^GSPC) and Nasdaq Composite (^IXIC).
Futures tied to the S&P 500 (ES=F) edged down 0.3%, while Nasdaq 100 futures (NQ=F), slid 0.1%. Contracts linked to the Dow Jones Industrial Average (YM=F) fell about 0.4%.
During Wednesday’s regular session, both the S&P 500 and Nasdaq Composite closed at all-time highs, gaining 1% and 1.6%, respectively. The Dow Jones Industrial Average (^DJI) added 0.7%.
In after-hours trading, earnings drove sharp moves. Tesla (TSLA) initially climbed on an earnings beat but later turned lower, slipping around 2% after CEO Elon Musk cautioned that capital expenditure will be increasing and claiming that Tesla HW3.0 cars ‘do not have the capability’ for self-driving’.
Other moves in extended trading included ServiceNow (NOW) which fell 11.9% despite beating earnings expectations, and IBM (IBM) slipped 6.8% on slowed revenue growth with fears Anthropic will disrupt IBM’s business model.
Oil futures rose despite the announcement of a ceasefire between the US and Iran. Iran’s navy also said it seized two container ships in the Strait of Hormuz, highlighting the instability in the region. Brent (BZ=F) crude’s price per barrel jumped back above $100. West Texas Intermediate (CL=F) prices hovered around $92 a barrel.
Looking ahead, investors will be watching earnings from American Express (AXP), Blackstone (BX), and American Airlines (AAL). Economic data will also be in focus, including preliminary April readings for S&P Global manufacturing.
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