U.S. stock futures saw modest gains on Friday as investors reacted to a flood of quarterly earnings reports from major companies. Here’s a look at some of the key premarket stock movers:
Netflix (NASDAQ) led the pack with a 6.6% rise after the streaming giant reported better-than-expected third-quarter income. The company added 5.07 million subscribers during the period, signaling its continued push to focus on profitability over subscriber growth. This is down from 8.76 million net new subscribers in the same quarter last year but aligns with Netflix’s strategy to balance growth with increasing revenue. The positive results buoyed confidence in the company’s future direction.
American Express (NYSE) saw its stock dip 2.3% after its third-quarter profit fell short of Wall Street expectations. The credit card giant increased its provisions for credit losses, a move that reflects caution amid higher spending. Despite this, American Express raised its full-year guidance, attributing it to strong cardholder spending, but the market reacted to the disappointing profit figures.
Procter & Gamble (NYSE), the multinational household goods company, dropped 0.8% after missing first-quarter sales estimates. The company faces challenges in its core markets, particularly in the U.S. and China, where consumers have shifted toward more affordable brands. Rising costs and competition from cheaper alternatives affected its performance, contributing to the sales shortfall.
Tesla (NASDAQ) shares edged down 0.3% following news that the National Highway Traffic Safety Administration (NHTSA) has opened an investigation into 2.4 million of the company’s vehicles. This latest regulatory scrutiny comes amid ongoing concerns about Tesla’s safety features, putting pressure on its stock.
CVS Health (NYSE) experienced a steep 11% decline after releasing disappointing preliminary third-quarter results. Along with weaker financial performance, the healthcare giant announced changes in leadership, which further contributed to the stock’s slide as investors digested the company’s uncertain future direction.
Apple (NASDAQ) saw a 1.7% increase in premarket trading, buoyed by strong iPhone sales in China. According to data from Counterpoint Research, sales of Apple’s latest iPhones in the first three weeks of release surged 20% compared to last year’s models. This robust demand provided a boost to the tech giant’s stock, reinforcing its continued dominance in key international markets.
Nvidia (NASDAQ) also rose by 1% after Bank of America raised its earnings forecasts for the chipmaker for 2025 and 2026. The bank cited a “generational opportunity” for Nvidia, which is poised to capitalize on a total addressable market exceeding $400 billion, driven by its leadership in artificial intelligence and high-performance computing.
Schlumberger (NYSE) fell 1% after the oilfield services company reported slightly below-expectation third-quarter earnings. Despite solid demand for its digital services and cost-cutting measures, the company’s profit fell short, resulting in a dip in its stock price.
Overall, the U.S. stock market is digesting a mix of corporate earnings results, with some companies like Netflix and Apple showing resilience, while others, such as American Express and Procter & Gamble, face challenges from shifting consumer behavior and economic uncertainty. Investors will be closely watching these developments as they seek clues about the broader market’s direction heading into the final months of the year.
