US stock futures rise after upbeat Tesla earnings

S&P and Nasdaq futures rose in evening deals on Wednesday as stronger-than-expected earnings from Tesla helped improve sentiment, although Wall Street was still nursing steep losses from the session. 

Futures advanced after Wall Street indexes fell sharply during the session, weighed by steep losses in heavyweight technology stocks. Anxiety over smaller interest rate cuts and the upcoming presidential election sparked profit-taking, especially after Wall Street hit record highs last week. 

S&P 500 Futures rose 0.1% to 5,843.0 points, while Nasdaq 100 Futures rose 0.4% to 20,290.50 points by 19:53 ET (23:53 GMT). Dow Jones Futures lagged, falling nearly 0.2% to 42,666.0 points. Tesla rallies 12% on stronger-than-expected Q3

Tesla Inc (NASDAQ:TSLA ) rose more than 12% in aftermarket trade after clocking stronger-than-expected earnings in the third quarter, even as its vehicle deliveries for the quarter disappointed. 

The earnings beat was fueled chiefly by improved margins, with the electric vehicle also forecasting a mild growth in deliveries for the year. 

The improved outlook for deliveries follows nearly a year of waning growth amid increased competition in major market China and saturating EV markets in the West. The company’s attempts to diversify beyond its core automobile business, with forays into robotaxis and artificial intelligence, had also largely underwhelmed earlier in October. 

The stock is the first of the so-called “Magnificent Seven” to report this earnings season, with its positive reading drumming up hopes of a similar trend from Tesla’s peers, which are due to report in the coming weeks. 

Alphabet Inc (NASDAQ:GOOGL ), Microsoft Corporation (NASDAQ:MSFT ), Meta Platforms Inc (NASDAQ:META ) and Amazon.com Inc (NASDAQ:AMZN ) are set to report earnings next week.  Wall Street sinks amid election jitters, rising yields

Wall Street indexes fell on Wednesday as anticipation of a tight presidential election and relatively higher U.S. interest rates dented risk appetite. Treasury yields rose, pressuring technology stocks the most. 

The S&P 500 fell 0.9% to 5,797.42 points, while the NASDAQ Composite slid 1.6% to 18,277.41 points. The Dow Jones Industrial Average fell nearly 1% to 42,514.95 points. 

Focus this week is on more upcoming earnings prints, as well as key purchasing managers index data, which is set to provide more cues on the U.S. economy. 

Source: Investing.com