By Oliver Gray
Investing.com - U.S. stock futures were little changed in early APAC deals on Friday, after major benchmark averages finished Thursday’s session in the red as a key inflation report showed a faster-than-expected rise in prices, boosting long term bond yields to fresh 31-month highs, with traders speculating that the Federal Reserve would get more aggressive with its tightening policy to fight inflation.
During Thursday’s trade, the Dow Jones Industrial Average lost 526.47 points, or 1.47%, to 35,241.59, the S&P 500 lost 83.12 points or 1.81% to 4,504.07 and the tech-heavy Nasdaq Composite slid 304.73 points or 2.1% to 14,185.64.
Dow Jones Futures lost 0.17% S&P 500 Futures were down 0.17%, while Nasdaq 100 Futures were flat.
Technology heavyweights were among the worst performers, as Block Inc (NYSE:SQ) lost 3.46%, Amazon.com Inc (NASDAQ:AMZN) fell 1.36%, Microsoft Corporation (NASDAQ:MSFT) lost 2.84%, Meta Platforms Inc (NASDAQ:FB) dipped 1.69%, Apple Inc (NASDAQ:AAPL) lost 2.36%, Alphabet Inc (NASDAQ:GOOGL) fell 2.1%, Adobe Systems Incorporated (NASDAQ:ADBE) retreated 5.12% and Advanced Micro Devices Inc (NASDAQ:AMD) shed 5.33%.
EV makers were mostly lower as Tesla Inc (NASDAQ:TSLA) lost 2.95%, Lucid Group Inc (NASDAQ:LCID) retreated 3.19% while Rivian Automotive Inc (NASDAQ:RIVN) gained 0.29%.
Meantime, Walt Disney Company (NYSE:DIS) added 3.35% after the company reported quarterly earnings that beat market expectations while revenue from its parks, experiences and consumer products division doubled.
Coca-Cola Co (NYSE:KO) ticked 0.56% higher after earnings and revenue beat Wall Street estimates.
Cloud stock Twilio Inc (NYSE:TWLO) rose 1.93% after its quarterly report.
In extended deals, Expedia Inc (NASDAQ:EXPE) gained 5.43% after a better-than-expected earnings report. Expedia posted adjusted earnings of $1.06 per share, higher than a Refinitiv estimate of 69 cents. The company said the impact from the pandemic was less severe and of shorter duration than previous waves.
In extended deals, Zillow Group Inc (NASDAQ:ZG) popped 15.75% after reporting stronger than expected revenues.
Cloudflare Inc (NYSE:NET) added 5.64% as its quarterly earnings and revenue came in stronger than expected. Cloudflare also announced that it acquired Vectrix to assist businesses in gaining control of their applications.
On the bond markets, United States 10-Year yields were at fresh 31-month highs of 2.043%.
Among data, Thursday’s consumer price index report rose 7.5% on an annualized basis, posting the largest gain since 1982.