By Oliver Gray
Investing.com - U.S. stock futures traded steady in early APAC deals on Thursday, after major benchmark averages extended declines to fresh 2022 lows, with investors retreating after Ukraine declared a state of emergency as the country was hit by a wave of cyberattacks, while the threat of higher interest rates also dampened risk appetite.
During Wednesday’s session, The Dow Jones Industrial Average dropped 464.85 points to 33,131.76, the S&P 500 fell 1.8% to 4,225.50, closing deeper in correction territory. The technology-focused Nasdaq Composite lost 2.6% to 13,037.49. Both the Dow and Nasdaq fell for a fifth straight session, while the S&P 500 notched a four-day losing streak.
Dow Jones Futures added 0.1%, S&P 500 Futures gained 0.08% while Nasdaq 100 Futures dipped 0.16%.
Among stocks, technology companies continued to languish, with Block Inc (NYSE:SQ) shedding 5.53%, Amazon.com Inc (NASDAQ:AMZN) down 3.58%, Microsoft Corporation (NASDAQ:MSFT) dropping 2.59%, Meta Platforms Inc (NASDAQ:FB) down 1.8%, Apple Inc (NASDAQ:AAPL) falling 2.59%, Alphabet Inc (NASDAQ:GOOGL) down 1.71%, NVIDIA Corporation (NASDAQ:NVDA) retreating 4.29% and Advanced Micro Devices Inc (NASDAQ:AMD) shedding 5.09%.
Major financial players also lost ground as JPMorgan Chase & Co (NYSE:JPM) dipped 2.09%, Citizens Financial Group Inc (NYSE:CFG) lost 2.41%, Bank of America Corp (NYSE:BAC) fell 1.71%, Citigroup Inc (NYSE:C) shed 1.05%, Wells Fargo & Company (NYSE:WFC) lost 2.41% and Morgan Stanley (NYSE:MS) fell 1.27%.
Among reporting companies, Virgin Galactic Holdings Inc (NYSE:SPCE) added 3.5% after reporting a smaller-than-expected loss for the fourth quarter, Lowe’s Companies Inc (NYSE:LOW) rose 0.3% after the company reported quarterly results that beat top and bottom-line estimates while Tupperware Brands Corporation (NYSE:TUP) lost 2.7% after an earnings miss, as EPS came in at 38 cents versus 52 cents expected.
In extended deals, Booking Holdings Inc (NASDAQ:BKNG) was down 4.45% despite a strong quarterly earnings report. As EPS came in at $15.83 per share, beating analysts’ estimates by $2.19 while quarterly revenue came in at $2.98 billion versus $2.85 billion expected.
eBay Inc (NASDAQ:EBAY) shed 7.86% despite the company reporting a quarterly earnings beat, after earnings and revenue guidance for both the first quarter and the full year fell below estimates.
Bath & Body Works Inc. (NYSE:BBWI) was down 4.69% after reporting quarterly results, as the company announced that CEO Andrew Meslow will step down effective May 12 and Sarah Nash, chair of the board, will take over in the interim.
On the bond markets, United States 10-Year yields were at 1.977%.
Ahead in the session, investors will be closely monitoring companies that are scheduled to report Thursday. Anheuser Busch Inbev (NYSE:BUD), Alibaba (NYSE:BABA), Discovery Inc (NASDAQ:DISCA) and Moderna Inc (NASDAQ:MRNA) will report before the opening bell, while Coinbase (NASDAQ:COIN), Block Inc (NYSE:SQ) , Dell Technologies Inc (NYSE:DELL) , Etsy Inc (NASDAQ:ETSY) and Beyond Meat Inc (NASDAQ:BYND) are set to report after the close.
On the economic data front, GDP and jobless claims are scheduled to be released before the opening bell and new home sales figures are due later in Thursday’s session.