Stock Futures Tumble Amid GDP, Jobs Data – Schaeffer’s Investment Research

Dow and Nasdaq futures are down triple digits

Futures are lower on Wall Street as investors unpack more earnings, a gross domestic product (GDP) update, and jobs data. Economic growth was weaker than expected for the first quarter, with GDP growing 1.6%. Meanwhile, initial jobless claims fell by 5,000 last week to their lowest level since mid-February.

In response, Dow Jones Industrial Average (DJIA) futures are nearly 400 points lower, and futures tied to both the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) are swimming in red ink as well.

Continue reading for more on today’s market, including: 

• Don’t sweat this streaming stock’s dip.
• Interest rate decision, jobs data, and more ahead.
• Plus, Meta’s weak guidance, and 2 airlines earnings reports to parse. 

5 Things You Need to Know Today

1. The Cboe Options Exchange (CBOE) saw nearly 1.3 million call contracts and 951,240 put contracts exchanged Wednesday. The single-session equity put/call ratio rose to 0.71, while the 21-day moving average held steady at 0.71.
2. Meta Platforms Inc (NASDAQ:META) stock carries a 15.7% premarket deficit following earnings. The parent of Facebook and Instagram reported first-quarter earnings and revenue that bested estimates, but weaker-than-expected second-quarter guidance is weighing on the shares. Coming into today, META boasted a 39.4% year-to-date lead. 
3. Brushing off a wider-than-expected loss for the first quarter, shares of American Airlines Group Inc (NASDAQ:AAL) are 3.5% higher before the bell. The catalyst for today’s premarket pop is the airline’s upbeat second-quarter earnings guidance. AAL is looking to extend a slim 1.3% year-to-date gain. 
4. Southwest Airlines Co (NYSE:LUV) stock is 7.9% lower ahead of the open, on track to slip below its year-to-date breakeven mark after earnings. Not only did the airliner miss top- and bottom-line first-quarter estimates, it warned that it anticipates getting only 20 Boeing (BA) 737 MAX planes in 2024, which could limit growth into 2025. LUV is down 6.4% over the last 12 months. 
5. A barrage of earnings reports are due out this week, alongside the personal consumption expenditures (PCE) price index.  

Japan’s Central Bank Begins Monetary Policy Meeting

Asian stocks were divided. The Nikkei gave back 2.2%, as Japan’s central bank kicked off its monetary policy meeting, with an interest rate decision looming tomorrow. South Korea’s Kospi fell 1.8%, even after first-quarter gross domestic product (GDP) grew at its fastest rate in over three years. Meanwhile, China’s Shanghai Composite added 0.3%, and Hong Kong’s Hang Seng tacked on 0.5%.

European bourses are mixed as well. London’s FTSE 100 is up 0.7% at last check, propped up by post-earnings pops from AstraZeneca (AZN) and Unilever (ULVR). The French CAC 40 is 0.8% lower and the German DAX is down 0.5%, the latter unaffected by consumer sentiment reaching two-year highs.