Stock futures sink amid more earnings as Tesla plummets: Stock market news today

U.S. stock futures traded lower headed into the market open on Thursday morning, as weaker-than-expected quarterly profit at Tesla (TSLA) weighed on major indices and electric-vehicle stocks as a whole.

Futures tied to the S&P 500 (^GSPC) fell 0.62%, while futures on the Dow Jones Industrial Average (^DJI) dropped nearly 132 points, or 0.39%. The technology-heavy Nasdaq Composite (^IXIC) fell nearly 1%.

Tesla shares fell as much as 7% in pre-market training after the company reported first-quarter earnings on Wednesday that fell short of Wall Street’s expectations. Tesla’s recent price cuts weighed on profits as the electric-vehicle maker reported quarterly gross margins of 19.3%, while Wall Street analysts had expected 20.7%.

Shares of IBM (IBM) rose roughly 1.5% in pre-market trading as the company reported adjusted earnings per share of $1.36 against a Street estimate of $1.25.

The major averages closed Wednesday largely flat as investors digested corporate earnings from Netflix (NFLX) and Morgan Stanley (MS), among other companies. The Federal Reserve’s most recent Beige Book report showed credit conditions tightened in the month following Silicon Valley Bank’s collapse.

Oil futures traded lower on Thursday with West Texas Intermediate (CL=F) and Brent (BZ=F) falling roughly 1.5%. Brent Crude has now traded lower in three of the last four trading sessions, with prices dropping below $82 a barrel.

Economic data will be in focus on Thursday morning as jobless claims and existing home sales are expected. Investors will also be digesting another slew of corporate earnings before the bell with the likes of Taiwan Semiconductor (TSM), American Express (AXP), Rite Aid (RAD) and AT&T (T) all reporting quarterly results.

Josh is a reporter for Yahoo Finance.

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