US stock futures were higher on Thursday despite downbeat earnings from Tesla (TSLA) and following a hotter-than-expected US economic growth reading.
Dow Jones Industrial Average (^DJI) futures were up slightly, while S&P 500 (^GSPC) futures were up slightly following the benchmark’s fourth-in-a-row record close logged on Wednesday. Futures on the tech-heavy Nasdaq 100 (^NDX) rose about 0.4%.
An advance estimate of fourth quarter US gross domestic product (GDP) released on Thursday morning showed the economy grew at an annualized pace of 3.3% during the period, much faster than the annualized pace of 2% expected by economists.
Tesla warned of “notably” slower EV production growth in quarterly results that missed on profit, with CEO Elon Musk pointing to the risk Chinese carmakers will “demolish” rivals in the absence of trade curbs. Shares of the EV maker dropped 8% in premarket trading, further underperforming the other Magnificent Seven tech-centered stocks that have driven the S&P 500’s rally.
Results from Intel (INTC) are an after-hours highlight in the flood of reports, with Wall Street on watch for an AI boost to the chipmaker. Eyes will also be on American Airlines (AAL), Alaska Airlines (ALK), and Southwest Airlines (LUV) results for signs of impact after a Boeing (BA) door plug flaw grounded planes.
The FAA on Wednesday gave the go-ahead for those 737 Max 9 jets to return to service once airlines complete safety checks. But the authority also told Boeing to freeze any planned increases in production of the model, spelling disruption for its customers and suppliers and helping drive shares lower.
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