Stock market today: Tesla leads premarket losses as US futures hold ground
- US stock-index futures were steady in early trades, with the market consolidating recent gains.
- Tesla led premarket declines among S&P 500 names, after the EV maker warned of sales uncertainties.
US stock futures were steady in Thursday's early trades, as the market consolidated gains from the recent rally.
European equities were range-bound, while Chinese markets remained in the green amid optimism about stimulus measures.
Tesla led premarket losses among S&P 500 names, slipping almost 8%, a day after the EV maker released a weak earnings report that warned of slowing sales growth in 2024.
Boeing continued its losing streak, while Progressive Corporation and Howmet were other notable decliners. ResMed, IBM, and Paramount Global led gains.
Bitcoin was little changed, trading in a tight range around $40,000. The dollar was on the back foot for a second day, while oil prices rallied after data showed a bigger-than-expected decline in US crude inventories.
Market overview
- Futures on the S&P 500 index were little changed at 4,900 points as of 5:10 a.m. ET, while similar contracts on the Nasdaq 100 were flat at 17,622.
- European stocks were mixed, with the Euro Stoxx 50 trading stable. Germany's DAX 40 index slipped 0.2% and France's CAC 40 edged marginally higher.
- In Asia, the Shanghai Composite index rallied 3% while Hong Kong's Hang Seng gained 1.8%. Japan's Nikkei 225 was steady, while India's Nifty 50 declined 0.5%.
- In the crypto market, bitcoin edged lower by 0.2% to $39,975. Ether weakened for a sixth straight day, dropping 0.5% to $2,222.
- The Dollar Index, which tracks the greenback against a basket of currencies, slipped 0.1%.
- Ten-year Treasury yields were little changed at 4.17%. US crude oil rose 1.7% to $76.35 a barrel.