Stock futures pointed sharply lower Tuesday, with shares of Palantir Technologies leading declines even though the AI software firm reported strong quarterly results.
Futures associated with the tech-heavy Nasdaq, benchmark S&P 500, and blue-chip Dow Jones Industrial Average were down 1.3%, 1%, and 0.6%, respectively, a day after the indexes closed mixed.
Palantir Technologies (PLTR) shares sank nearly 8% even though the company posted record quarterly results that blew past analysts’ estimates and raised its full-year revenue outlook for the third straight quarter.
Other tech shares pulled back in premarket trading, including Advanced Micro Devices (AMD), which were 2.7% lower leading up to the company’s quarterly results after the close; Oracle (ORCL), down more than 2%; Amazon (AMZN), which rose 4% yesterday to a fresh record high but declined 1.7%; and Tesla (TSLA), which fell 2.5% after Norway’s sovereign wealth fund rejected the EV maker’s proposed $1 trillion pay package for CEO Elon Musk.
In post-earnings moves, shares of Spotify Technology (SPOT) advanced 5%; Uber Technologies (UBER) fell 5%; Pfizer (PFE) slipped 1%; Marriott International (MAR) edged 0.5% higher; Stanley Black & Decker (SWK) declined 3.5%; and Archer Daniels Midland (ADM) dropped 9%.
Elsewhere, Sarepta Therapeutics (SRPT) stock nosedived nearly 40% after studies of the firm’s Duchenne muscular dystrophy treatments failed to meet goals, and Denny’s (DENN) stock skyrocketed 50% on news the full-service restaurant chain was being acquired by TriArtisan Capital Advisors, Treville Capital Group, and Yadav Enterprises for $620 million in cash.
The 10-year Treasury yield, which influences interest rates on all kinds of consumer loans, edged lower to 4.09%. Gold futures slipped 0.4% to below $4,000 an ounce, while West Texas Intermediate futures, the U.S. crude oil benchmark, fell 1.3% to $60.25 a barrel.
Bitcoin fell below $104,000 from more than $107,000 earlier Tuesday. The U.S. dollar index, which tracks the value of the greenback against a basket of foreign currencies, ticked 0.3% higher to 100.12.