Stock futures are down this morning after a rough day on Wall Street, primarily influenced by earnings reports from major companies. Alphabet reported a significant 82% increase in cloud revenue, but its plans to increase capital expenditures led to a 5% drop in its stock.
Tesla, on the other hand, missed earnings per share estimates, resulting in a more than 7% decline in its shares during extended trading. Additionally, IBM's shares are also lower following weaker-than-expected quarterly results. In the oil market, prices surged nearly 5% due to attacks on tankers near Saudi Arabia, pushing U.S.
West Texas Intermediate crude above $90 per barrel, which could strain consumer budgets as gasoline and diesel prices rise. Legislative developments include the House passing a bill to prevent Congress members from trading individual stocks, reflecting public support for such measures. Meanwhile, the European Union approved the Paramount-Warner Bros.
Discovery merger, while Comcast reported that its streaming service, Peacock, has reached profitability. Lastly, Amazon is laying off more workers in its generative artificial intelligence unit as it refocuses on key initiatives amidst ongoing investments in AI infrastructure