Key insights
- US stock futures are up, driven by retreating oil prices and positive earnings from mega-cap tech. Upgrades for AbbVie and strong results from Carvana and Caterpillar are contributing to the positive sentiment. However, Ford shares are down due to weak guidance, and Stellantis is falling due to disappointing North American returns. Overall, the market is reacting positively to a mix of earnings reports.
Investing.com - U.S. stock futures gained on Thursday, as oil prices retreated from a steep spike to four-year highs and investors assessed a bevy of earnings from mega-cap tech companies.
By 07:32 ET (11:32 GMT), the Dow futures contract had risen by 296 points, or 0.6%, S&P 500 futures had climbed by 27 points, or 0.4%, and Nasdaq 100 futures had increased by 149 points, or 0.5%.
Here are some of the biggest premarket U.S. stock movers today:
AbbVie rose after BofA Global Research upgraded their rating of the drugmaker to "buy" from "neutral," citing overdone competition concerns.
Blue Owl Capital advanced, buoyed by higher fee-related earnings and assets despite downbeat recent sentiment toward private credit.
Carvana posted first-quarter revenue that topped estimates, as used car volumes rose to a record high.
Caterpillar ticked up on better-than-anticipated adjusted earnings per share for the first quarter from the construction sector bellwether.
Ford shares dropped after the carmaker's first-quarter results were overshadowed by guidance that Citi analysts described as weak.
U.S.-listed shares of Stellantis fell on first-quarter results which showed disappointing returns in North America.
Refiner PBF Energy dipped after it reported a larger-than-anticipated first-quarter loss per share because of mark-to-market derivative losses tied to choppy commodity prices.