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Nasdaq 100 futures slip after Apple reports earnings: Live updates

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Traders work on the floor of the New York Stock Exchange on May 16, 2023.

Brendan McDermid | Reuters

Nasdaq 100 futures slipped Thursday night after Apple issued its latest quarterly results.

Futures linked to the tech-heavy index slid 0.2%, while S&P 500 futures dropped 0.1%. Futures tied to the Dow Jones Industrial Average pulled back 12 points, or 0.04%.

In after-hours action, Apple fell 3% after the iPhone maker issued a weak revenue outlook for the December quarter. Though the company beat on top and bottom lines in its fiscal fourth quarter, overall sales declined for the fourth quarter in a row. Elsewhere, shares of Square popped 13% on an earnings beat and a raise on full-year guidance.

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Thursday’s regular session saw a broad rally for stocks as Treasury yields retreated. The S&P 500 notched its best day since April, up 1.9%, while the Dow saw its best session since June with a 1.7% gain. The Nasdaq Composite posted its best day since July, rising about 1.8%.

Whether that positive momentum continues could depend on the outcome of October’s jobs report, due Friday morning. Economists polled by Dow Jones are calling for an increase of 170,000 payrolls, compared to September’s blowout of 336,000 jobs. They also anticipate the unemployment rate will hold steady at 3.8%.

As of Thursday’s close, stocks are on pace for sizable weekly gains as investors grow hopeful that the Federal Reserve’s rate-hiking campaign is nearly over.

The Dow is up 4.4%, on pace for its best weekly performance since October 2022. The S&P 500 is tracking for a 4.9% advance on the week, while the Nasdaq is up 5.2% — both are tracking for their best week since November 2022.

In the world of earnings, consumer goods giant Church & Dwight will issue quarterly results Friday morning, along with Dominion Energy and Cardinal Health.

CNBC’s Chris Hayes contributed reporting.

Source: CNBC

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