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Shares of the electric-vehicle maker dropped 6.1% in premarket trading as the company flagged persistent logistics challenges, with fourth-quarter deliveries growing by less than the aimed 50%.
Other megacap growth stocks like Alphabet (NASDAQ:GOOGL) Inc, Meta Platforms Inc, Netflix Inc (NASDAQ:NFLX), Mirosoft Corp and Amazon.com (NASDAQ:AMZN) also fell between 0.7% and 1.3%.
Analysts have raised expectations for third-quarter profit growth at S&P 500 companies to 3% from 2.8%, according to Refinitiv data. But the number is still sharply lower than their forecast of an 11.1% increase at the start of July.
At 4:41 a.m. ET, Dow e-minis were down 39 points, or 0.13%, S&P 500 e-minis were down 18.25 points, or 0.49%, and Nasdaq 100 e-minis were down 91.75 points, or 0.82%.
The main U.S. indexes fell after two days of gains on Wednesday as weakness in shares of Abbott Laboratories (NYSE:ABT) and a rise in Treasury yields sapped momentum from the current earnings season and outweighed a surge in Netflix’s shares. [.N]
Fears of aggressive rate hikes by the Federal Reserve continue to weigh on investor sentiment, with expectations of yet another 75 basis point hike in the November meeting.
IBM (NYSE:IBM) Corp said it was expecting to exceed full-year revenue growth target on strong demand for its digital services. Its shares rose 3.1% in light trading.
