Stock Futures Lower as Earnings Continue

Stocks futures are falling Thursday, as traders unpack mixed corporate earnings results, including a lackluster report from electric vehicle (EV) giant Tesla (TSLA). At last glance, Dow Jones Industrial Average (DJIA) futures are down nearly 200 points, while Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are also deep in the red. Jobless claims came in at 245,000 for last week, while the Philadelphia Fed Manufacturing Index dropped to negative 31.3 in April.

• Looking at this semiconductor giant before earnings.
• Another loaded week of earnings ahead.
• Plus, 2 earnings reports to unpack, and BBWI's bear note.

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw more than 1.3 million call contracts and 1 million put contracts exchanged on Wednesday. The single-session equity put/call ratio rose to 0.80 and the 21-day moving average stayed at 0.78.
2. Tesla Inc (NASDAQ:TSLA) is 8% lower premarket following the company's first-quarter earnings report. The EV maker reported earnings that fell more than 20% year-over-year, with CEO Elon Musk saying the shaky economic backdrop might impact consumer's car purchasing decisions. Coming into today, TSLA is up 46.6% in 2023.
3. American Express Company (NASDAQ:AXP) is down 2% before the bell and looking to add to an 11.9% year-over-year deficit, after announcing a first-quarter profit miss. Earnings per share of $2.40 were lower than $2.66 estimates, while revenue beat analysts' expectations.
4. Piper Sandler downgraded the shares of Bath & Body Works Inc (NYSE:BBWI) to "neutral" from "overweight" and slashed its price target to $37 from $38. The brokerage firm said potential upside is being stymied by persisting margin pressures. Down 2.6% in electronic trading, BBWI already sports a 35.9% year-over-year loss.
5. Existing home sales and leading economic indicators are due out later today.

Stateside Earnings Impact Overseas Markets

Markets in Asia finished on both sides of the aisle today, as investors unpack earnings reports from several companies stateside. Japan’s Nikkei finished the day 0.2% higher, while Hong Kong’s Hang Seng rose 0.1%. China’s Shanghai Composite inched 0.09% lower, while the South Korean Kospi fell 0.5%.

European markets are lower midday, with auto stocks taking a hit after Tesla’s earnings results. London’s FTSE 100 is 0.2% lower, while the French CAC 40 falls 0.6%, and the German DAX drops 1%.