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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)
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