US pre-open: Futures trade higher following Tesla's big beat
By Iain Gilbert
Date: Thursday 21 Apr 2022
(Sharecast News) - Wall Street futures had stocks opening higher ahead of the bell on Thursday as market participants thumbed over earnings from Tesla and awaited the release of this week's jobless claims data.
As of 1210 BST, Dow Jones futures were up 0.61%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.77% and 1.08% firmer, respectively.
The Dow closed 249.59 points higher on Wednesday as major indices turned in a mixed performance on Wednesday after Netflix revealed it had seen the first decline in subscriber numbers since 2011 in Q1.
In the corporate space, electric car maker Tesla was in focus prior to the open on Thursday after it posted a jump in first-quarter profits and revenues overnight, surpassing analysts' expectations thanks to higher prices and solid demand. Profits surged to $3.3bn from $438.0m in the first quarter of last year, on revenues of $18.8bn, up from $10.4bn. Revenues came in nearly $1.0bn above expectations. Meanwhile, total deliveries rose 68% year-on-year to a record 310,048.
Elsewhere, AT&T posted a 2.5% jump in core revenues to $29.7bn, while Xerox posted a $0.38 loss per share, a marked turnaround when compared to earnings per share of $0.18 posted at the same time a year earlier.
Still to come, American Airlines and Philip Morris were slated to publish earnings before the open, while social media outfit Snap will report after the close.
On the macro front, weekly jobless claims data will be published at 1330 BST, as will April's Philadelphia Fed manufacturing index, while the Conference Board's leading index will follow at 1500 BST.
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