DJIA futures down 219.00 points (Il Sole 24 Ore Radiocor) - New York, 25 Apr - US futures were lower ahead of more key earnings and economic data as AI giant Meta set alarm bells ringing after results.

Wall Street ended mixed yesterday as strong gains for electric car maker Tesla underpinned sentiment.

Tesla is the first of the so-called 'Magnificent Seven' companies to report its earnings with investors keeping close tabs on the stocks in the club, which include Meta, since they fuelled much of the market's gains last year.

After the bell yesterday Meta Platforms slumped when, despite reporting record first-quarter revenue, it raised awareness on the sheer cost of artificial intelligence by warning it might have to spend 10 billion dollars extra this year to build out its AI infrastructure. In premarket trade Meta was down 14.6%.

Microsoft and Alphabet, two other tech giants investing in AI for the future, will report their earnings later today after the market close.

On the data front, preliminary first quarter GDP numbers will shine a light on how the economy is coping with high interest rates while the weekly jobless claims will give an update on the state of the US's resilient labour market.

On the stocks front, IBM shares were lower in premarket trade after its results missed expectations and it announced a 6.4 billion dollar deal to buy cloud-software company HashiCorp while shares in car maker Ford were higher after it topped expectations on quarterly earnings.

Futures on the Dow Jones were down 219.00 points, or 0.57%, S&P 500 futures were down 36.00 points, or 0.70%, while futures on the Nasdaq were 185.50 points, or 1.05%, lower.

AAA-Sje

(RADIOCOR) 25-04-24 13:56:58 (0400) 5 NNNN