Futures are down, with technology shares leading the way, suggesting that the S&P 500 may slip to end the week on its way to close out its sixth straight month of gains.
- Amazon shares dropped 6.5% premarket after the e-commerce behemoth’s results pointed to slowing digital sales, even though its earnings report was otherwise strong and showcased its dominance.
- Pinterest fell 20% ahead of the bell, after the online sharing platform said its monthly average users in the U.S. contracted during the quarter, a trend that accelerated this month.
- Zendesk investors might need to say “om” a few times today. The customer-service platform’s shares were down 7.3% ahead of the bell after quarterly results came up short against Wall Street expectations.
- Shares of Chevron climbed 1.8% premarket after the oil giant swung to a second-quarter profit and reported revenue that beat expectations. The company plans to resume stock repurchases in the third quarter, at an annual rate of $2 billion to $3 billion a year.
- Trading app Robinhood ‘s shares were down 1% premarket, after having notched their first trading day down more than 8%.
- Caterpillar shares slipped 2.4% premarket. The construction equipment maker reported a quarterly net profit that tripled, though its largest construction business came up short.
- Procter & Gamble shares nudged up 0.7%. The maker of Pampers diapers and Tide detergent posted sales gains in almost every business unit in the most recent quarter, though growth slowed and profit margins tightened as the company spent more to make and deliver its products.
- T-Mobile US edged down 0.5% premarket after the telecom company’s revenue and earnings climbed in the second quarter, though it failed to match AT&T ‘s steeper customer gains.
- Gilead Sciences swung to a profit in the second quarter as revenue increased 21% driven by higher demand. But the biopharmaceutical company was down 1.5% premarket nonetheless, perhaps swept up in the morning’s bearish mood.
- U.S. Steel shares added 0.8% premarket. The steelmaker’s sales more than doubled from the year earlier, helped by continued strong demand and low steel industry inventories that are driving up prices.
- Exxon Mobil and AbbVie are among the companies reporting earnings Friday.
- China’s tech crackdown carries risks, because when a government believes it can snap its fingers and create—or destroy—whole industries at will, things can easily go awry, writes Heard on the Street’s Nathaniel Taplin.