Nasdaq 100 futures fell 1.22% as Alphabet shares slid 10.5% after a search-advertising revenue miss and Microsoft rose 3.5% on strong cash flow and cloud growth. Dow futures gained 0.35%, while S&P 500 futures lost 0.41%.
Nasdaq futures dropped as investors weighed the returns on heavy AI spending after mixed results from Alphabet and Microsoft. Alphabet fell 10.5% in premarket trading after disappointing search-advertising results and an acceleration in cash burn; Microsoft rose 3.5% after a cash-flow beat and a forecast for strong cloud growth.
Fortinet tumbled 25.4% after reporting third-quarter results, and ServiceNow dropped 19% after missing third-quarter profit estimates. Zscaler and Salesforce also declined. Marvell Technology fell 9.4%, while Lumentum Holdings rose 4.3% after reports that Marvell was in advanced talks to buy the data-center optics maker.
The Federal Reserve held rates steady on Wednesday. Traders saw more than an 81% chance of a December rate hike, while the September Personal Consumption Expenditures report and third-quarter GDP reading were due later Thursday. At 4:09 a.m. ET, Dow futures were up 0.35%, S&P 500 futures were down 0.41% and Nasdaq 100 futures were down 1.22%.
