Nasdaq Futures Down Roughly 1% as Tech Stocks Stumble

Snap's revenue gaffe is putting some serious weight on its sector peers

Digital Content Manager
Oct 21, 2022 at 9:13 AM
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Another batch of major corporate earnings is out this morning, casting more doom and gloom on Wall Street. More specifically, Snap (SNAP) shared sluggish revenue growth for its latest quarter, which is weighing on the tech sector. As a result, stock futures are sinking even deeper, with Dow Jones Industrial Average (DJI) futures last seen down more than 200 points. S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures are notably lower as well, with the former off roughly 1% ahead of the open.

Continue reading for more on today's market, including:

  • Ditch Twilio stock before a potential bear gap.
  • Checking in with Alphabet stock before earnings.
  • Plus, more on SNAP; VZ shares top- and bottom-line beat; and UAA downgraded.

futures oct 21

5 Things You Need to Know Today

  1. The Cboe Options Exchange (CBOE) saw more than 1.38 million call contracts and 963,160 put contracts traded on Thursday. The single-session equity put/call ratio fell to 0.70, while the 21-day moving average stayed at 0.68.
  2. The shares of Snap Inc (NYSE:SNAP) are taking a hit after the social media concern's third-quarter results. Snap's revenue missed expectations, growing just 6% for the quarter, and marking its slowest growth since going public. The company also forecast fourth-quarter revenue to stagnate due to sluggish ad spend. SNAP is down a whopping 29.7% ahead of the bell, adding to its hefty 85.7% year-over-year deficit. 
  3. Verizon Communications Inc (NYSE:VZ) had a better time in the earnings confessional, posting third-quarter earnings and revenue that topped expectations, as well as a slimmer-than-expected number of postpaid net phone adds. Despite this, VZ is down 2.8% ahead of the bell, and carries a 28.7% year-to-date deficit.
  4. Under Armour Inc (NYSE:UAA) is down 2.4% ahead of the open, after receiving a downgrade from Telsey Advisory Group to "market perform" from "outperform." The analyst cited elevated inventory levels at many competitors like Adidas and Nike (NKE). Over the past 12 months, UAA has shed 68.8%. 
  5. The third-quarter 5-10, and 10-year index of common inflation expectations will come out today

OV Buzz Chart Oct 21

Global Inflation Pushes Asian Markets Mostly Lower

Asian markets closed out the week mostly lower, as investors in the region weighed inflation data from several countries. The Nikkei in Japan dipped 0.4%, after core consumer prices in the country rose 3% in September. Hong Kong’s Hang Seng fell 0.4% as well, after the area’s composite consumer price index (CPI) rate jumped to its highest level in seven years. Elsewhere, South Korea’s Kospi shed 0.2%, while the Shanghai Composite in China added 0.1%.

Stocks in Europe continue to deal with the political chaos following U.K. Prime Minister Liz Truss’s abrupt resignation, with a leadership contest slated to take place over the next week. To add insult to injury, U.K. retail sales were down 1.4% in September, lower than expectations. Leaders in the region are also debating how to deal with the bloc’s energy crisis, with Germany green lighting discussions about a potential price cap. At last check, France’s CAC 40, Germany’s DAX, and London’s FTSE 100 are off by 1.9%, 1.4%, and 0.9%, respectively.  

 

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