By Oliver Gray
Investing.com - U.S. stock futures were lower in early APAC deals on Friday, with major benchmark indices snapping 3 sessions of consecutive gain as investor enthusiasm cooled ahead of key inflation data set to be released later in the session.
On Thursday, the Dow finished flat at 35754.7, the S&P 500 fell 33.78 points or 0.72% to 4667.4 and the tech-heavy Nasdaq Composite lost 269.62 points or 1.71% to 15517.37.
Dow Jones 30 Futures added 0.08%, S&P 500 Futures gained 0.14% and Nasdaq 100 Futures were also up 0.14%.
Among stocks, electric vehicle companies slumped during regular Thursday deals, with Tesla Inc (NASDAQ:TSLA), Rivian Automotive Inc (NASDAQ:RIVN) and Lucid Group Inc (NASDAQ:LCID) shedding 6.1%, 5.5% and 18.34% respectively after Rivian’s proposal to offer $US1.75 billion of convertible senior notes expected to be sold to institutional buyers in a private offering.
Major tech names also closed lower, with Amazon.com Inc (NASDAQ:AMZN) down 1.13%, Microsoft Corporation (NASDAQ:MSFT) losing 0.56%, Apple Inc (NASDAQ:AAPL) down 0.3% and Alphabet Inc (NASDAQ:GOOGL) falling 0.37%.
Meantime, Nu Holdings Ltd (NYSE:NU), the Warren Buffet-backed Brazilian financial technology that does business as NuBank, jumped as much as 36%.
In extended deals, Lululemon Athletica Inc (NASDAQ:LULU) fell 2.14%, after reporting a beat on quarterly earnings and revenue. Oracle Corporation (NYSE:ORCL) popped 11.07% after earnings and revenue beat market expectations. Costco Wholesale Corp (NASDAQ:COST) gained more than 1% after reporting earnings of $2.98 per share and a revenue beat for its most recent quarter. The company also reported a 15% jump in comparable sales and a 14.3% increase in e-commerce sales. Broadcom Inc (NASDAQ:AVGO) added 1.1% after releasing better than expected quarterly results. Chewy Inc (NYSE:CHWY) lost 6.32% as the pet company reported a wider-than-expected loss amid supply chain disruptions, labor shortages and higher inflation.
On the data front, market participants mostly shrugged off positive initial jobless claims as they fell to the lowest level since September 1969, indicating a tightening labor conditions as employers seek to retain workers. Investors will also be looking ahead to key CPI data released at the end of the week as worries about persistent inflation pressures remain. Markets are expecting a high inflation reading, which could cause the Federal Reserve to hasten the taper of its current bond-buying program and if correct, it will mark the biggest move since June 1982.
On the bond markets, United States 10-Year yields were steady at 1.497%.