S&P 500 futures fell on Thursday as Alphabet and Qualcomm both slumped following earnings announcements and cryptocurrency losses mounted.
Alphabet was the latest of the so-called Magnificent Seven companies to report earnings results. The company projected a sharp increase in artificial intelligence spending and called for 2026 capital expenditures of up to $185 billion. Shares were last down 3% in premarket trading.
In contrast, Nvidia and Broadcom rose following news of Alphabet’s spending plans, boosting hopes for the artificial intelligence trade.
Alongside Alphabet, Qualcomm came under pressure, sliding 11% in early trading after posting a weaker-than-expected forecast because of a global memory shortage.
The cryptocurrency market’s selloff also continued to gather steam, with bitcoin briefly dipping under $70,000, which is considered a key support level.
Futures for the Dow Jones Industrials wilted 79 points, or 0.2%, to 49,496.
Futures for the broader index dropped 17.25 points, or 0.3%, at 6,889.
Futures for the NASDAQ turned lower 85.5 points, or 0.3%, to 25,436.25.
Markets in Japan stumbled, with the Nikkei 225 index declining 0.9% Thursday, while the Hang Seng in Hong Kong poked up 0.1%.
Oil prices dropped $1.01 to $64.13 U.S. a barrel.
Gold prices dulled $93.10 to $4,857.70 U.S an ounce.
