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Stock futures declined early Thursday, with investors set to give back some of the gains that took the S&P 500 and NASDAQ Composite to fresh record highs in the previous session.
Futures for the Dow Jones Industrials ditched 294 points, or 0.6%, to 49,374.
Futures for the S&P 500 lost 30 points, or 0.4%, to 7,141.25
Futures for the NASDAQ dumped 104.50 points, or 0.4%, to 26,978.50.
Some of the biggest movers on Thursday included IBM and ServiceNow, which were respectively trading 7% and 13% lower after reporting their latest results.
Shares of Tesla initially rose on better-than-expected earnings. However, the stock later shed about 3% when CEO Elon Musk warned capital expenses would rise “substantially” as the electric vehicle maker moves into AI-powered self-driving cars and humanoid robots.
Both the broad market index and tech-heavy NASDAQ finished at record levels on Wednesday after President Donald Trump extended the U.S. ceasefire with Iran. The S&P 500 and Nasdaq rose 1.05% and 1.64%, respectively.
The Dow gained 340.65 points, or 0.69%.
Investor sentiment has also been strengthened by a strong earnings season so far. Of the 87 S&P companies that have reported so far, 81% have reported an earnings beat, while 76% have reported revenue that surprised to the upside.
Traders will also watch out for April’s S&P Global PMI manufacturing and services preliminary readings.
In Japan, the Nikkei 225 waned 0.8% Thursday, while in Hong Kong, the Hang Seng dipped 1%
Oil prices gained $1.01 to $93.97 U.S. a barrel.
Gold prices subtracted $39.20 to $4,713.800 U.S an ounce.
