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US Stocks Brace For Negative Start Amid Tech Earnings Disappointments, Caution Ahead Of Data: 'Worst Of This Two-Week Decline Is Behind Us,' Says Analyst

The back-and-forth motion in the market continues, with the index futures pointing to a lower opening on Thursday. Meta Platforms, Inc.’s (NASDAQ:META) lukewarm second-quarter revenue guidance and commentary regarding investment punctured the stock, while International Business Machines Corp. (NYSE:IBM) also fell on earnings. The tech space could come under pressure as traders digest these disappointments. More tech earnings are on tap on Thursday, led by AI stalwart Microsoft Corp. (NASDAQ:MSFT) and Alphabet, Inc. (NASDAQ:GOOGL) (NASDAQ:GOOG) Also weighing down on sentiment would be apprehensions regarding two key data due for the week. The first read of the first-quarter GDP data (Thursday) and the personal income and spending report (Friday), will be in the spotlight as the market strives to make sense of growth and inflation trajectories ahead of next week’s Federal Reserve’s monetary policy meeting. Futures Performance On Thursday ( as of 5:50 a.m. EDT) Futures Performance (+/-) Nasdaq 100 -0.81% S&P 500 -0.48% Dow -0.31% R2K -0.47% In premarket trading on Thursday, the SPDR S&P 500 ETF Trust (NYSE:SPY) slipped 0.43% to $503.24, and the Invesco QQQ ETF (NASDAQ:QQQ) fell 0.78% to $423.20, according to Benzinga Pro data. Cues From Past Session: Early optimism triggered by positive reactions to earnings from Tesla, Inc. (NASDAQ:TSLA) and Texas Instruments, Inc. (NASDAQ:TXN) tempered over the course of Wednesday’s session. Mixed earnings reports and economic worries kept sentiment subdued for much of the session, and this led to a mixed close for the day. The tech-heavy Nasdaq Composite and the S&P 500 Index ended the session marginally higher, pulling notably off the day’s high reached in early trading. The former moved in a roughly 205-point range and the latter gyrated between 5,047.02 and 5,089.48, a roughly 43-point intra-day move. Nevertheless, the indices have been higher for a third straight session now. Weighed down by a 2.87% pullback in Boeing Co. (NYSE:BA) shares ...