Stock market today: Live updates

Traders work on the floor of the New York Stock Exchange during afternoon trading on April 09, 2024 in New York City. 

Michael M. Santiago | Getty Images

U.S. stock futures fell on Wednesday night after tech juggernaut Meta Platforms reported its latest quarterly results. Traders also looked ahead to the release of key economic data later this week.

Futures tied to the Dow Jones Industrial Average fell 76 points or 0.2%. S&P 500 futures slid 0.6%, and Nasdaq 100 futures dropped 1%.

Meta plunged 15% in extended trading after the social media giant issued light revenue guidance for the second quarter. International Business Machines fell 8% after missing consensus estimates for its first-quarter revenue.

The moves follow a mixed day for the stock market, as rising Treasury yields on Wednesday placed downward pressure on stocks. The S&P 500 edged 0.02% higher, while the Nasdaq Composite added 0.1%. The 30-stock Dow lost 0.11%.

Traders will watch out for the first-quarter reading of the U.S. gross domestic product, due at 8:30 a.m. ET Thursday. Economists polled by Dow Jones expect that real GDP came in at 2.4%. Weekly jobless claims are also due.

March’s personal consumption expenditures price index, the Federal Reserve’s preferred inflation gauge, will be issued on Friday. Economists are calling for a monthly increase of 0.3% and a jump of 2.6% from a year earlier.

These data points will inform the central bank’s path forward on interest rate policy. Fed funds futures trading suggests the first cut could take place at the September Fed meeting, according to CME FedWatch Tool.

Nevertheless, iCapital chief investment strategist Anastasia Amoroso thinks that earnings look strong enough to boost stocks.

“Even if the Fed does stand pat, I think this could be a supportive environment for stocks,” she said on CNBC’s “Closing Bell” on Wednesday afternoon. “Return expectations for investors have actually improved since the beginning of April.”

Companies set to report earnings before Thursday’s opening bell include Caterpillar, Honeywell, Northrop Grumman, American Airlines, Comcast, Merck and Bristol-Myers Squibb.

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

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