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U.S. stocks were poised for an uneven open on Thursday as investors digest a mixed bag of second-quarter earnings from top firms as Google and others prepare to release financial results through June.
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The early declines come after the S&P 500 and Nasdaq closed on Wednesday at record highs. While both those indexes were expected to open flat or down, the Dow Jones Industrial Average was surging 100 points in premarket trading.
Another busy day of earnings kicked off with Comcast, which reported a profit of 78 cents per share, beating Wall Street predictions. Revenue, however, fell below estimates at $26.86 billion.
Among the major names reporting on Thursday is Southwest Airlines and American Airlines. Both carriers have been forced to cancel thousands of flights as a result of the Boeing 737 Max grounding.
The top executive of the Chicago-based manufacturing firm warned investors on Wednesday that a halt in production of new Max jets may occur if federal approval for a software patch intended to fix the issues that led to the two fatal crashes is delayed.
Southwest beat profit estimates with net income of $1.37 per share for the quarter, but the $5.9 billion in sales slightly missed predictions. The Dallas-based carrier is ending service at Newark as a result of the grounding.
Google also releases earnings after the closing bell, as the Trump administration continues to target Silicon Valley giants. Late on Wednesday, Facebook disclosed it is facing a formal antitrust investigation by the Federal Trade Commission, but the news did not faze investors as shares of the tech giant were up in pre-market trading on strong second-quarter financial results.
Meanwhile, Tesla shares are plummeting after the electric carmaker disclosed profit losses that exceeded analyst expectations. The Elon Musk-owned firm continues to expect to sell up to 400,000 vehicles this year.
Ford Motor Co.’s stock is also on the decline after the carmaker failed to meet profit expectations for the second quarter. Company executives, however, continue to tout the progress being made in the $11 billion restructuring effort. There were some bright spots in the results, including improved outcomes in Ford’s China business.