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Dow futures trade lower, PacWest tanks 55.6% on sale reports

Published 04-05-2023, 04:44 am
© Reuters.
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Investing.com - U.S. stock futures were trading lower during Wednesday's evening deals, after major benchmark indices extended declines during the regular session, with Federal Reserve policymakers raising interest rates by 25 basis points, while further stress on regional banks (NYSE:KRE) also soured risk sentiment.

By 19:00 ET (23:00 GMT) Dow Jones futures and S&P 500 futures declined 0.5% apiece, while Nasdaq 100 futures were down 0.1%.

In extended deals, PacWest Bancorp (NASDAQ:PACW) tanked 55.6% as Bloomberg reported news of a potential sale.

Among reporting companies, Etsy Inc (NASDAQ:ETSY) added 3.4%, reporting Q1 EPS of $0.53 versus $0.50 expected on revenues of $640.9 million versus $622.05M expected.

SolarEdge Technologies Inc (NASDAQ:SEDG) added 8% after reporting Q1 EPS of $2.90 versus $1.94 expected while revenue came in at $943.9M versus $932.83M expected.

Zillow Group Inc (NASDAQ:ZG) lifted 3.9% after reporting Q1 EPS of $0.35 versus $0.10 expected, while revenue came in at $469M versus $425.11M expected.

Qualcomm Incorporated (NASDAQ:QCOM) shed 6.6%, reporting Q2 EPS of $2.15, in-line with expectations, while revenue was reported at $9.27 billion versus $9.09B expected.

Ahead in Thursday's trade, market participants will be looking toward initial jobless claims, trade balance data, and a preliminary nonfarm productivity reading.

On the earnings front, companies scheduled to deliver results include Apple Inc (NASDAQ:AAPL), ConocoPhillips (NYSE:COP), Moderna Inc (NASDAQ:MRNA), LYFT Inc (NASDAQ:LYFT), DraftKings Inc (NASDAQ:DKNG), and Coinbase Global Inc (NASDAQ:COIN).

During Wednesday's regular trade, the Dow Jones Industrial Average lost 270.3 points or 0.8% to 33,414.2, the S&P 500 fell 28.8 points or 0.7% to 4,090.8, and the Nasdaq Composite dropped 55.2 points or 0.5% to 12,025.3.

On the bond markets, United States 10-Year rates were at 3.364%.

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