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Dow futures trade lower, First Republic tanks 45.9%

Published 05/02/2023, 07:18 AM
© Reuters.
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Investing.com - U.S stock futures were trading lower during Monday's evening deals, following a negative session among benchmark averages as market participants reacted to the JPMorgan Chase & Co's (NYSE:JPM) takeover of troubled First Republic Bank (NYSE:FRC) ahead of this week's Federal Reserve interest rate decision and continuing quarterly earnings results.

By 19:00 ET (23:00 GMT), Dow Jones futures and Nasdaq 100 futures were 0.1% lower, while S&P 500 futures fell 0.2%.

In extended deals, Chegg (NYSE:CHGG) tanked 36.9% after reporting Q1 EPS of $0.27 versus $0.26 expected on revenues of $187.6 million versus $185.2M expected.

Diamondback Energy (NASDAQ:FANG) fell 1.7% after the company reported EPS of $4.10 versus $4.35 expected, while revenues came in at $1.93 billion, in line with expectations.

NXP Semiconductors (NASDAQ:NXPI) added 4.2% reporting Q1 EPS of $3.19 versus $3.02 expected, with revenues reported at $3.12B versus $3B expected.

Ahead in Tuesday's session will be looking toward factory orders and JOLTS job opening data, while companies including Pfizer (NYSE:PFE), Advanced Micro Devices (NASDAQ:AMD), Starbucks (NASDAQ:SBUX), Uber Technologies (NYSE:UBER), Ford (NYSE:F) are set to report quarterly results.

During Monday's regular session, the Dow Jones Industrial Average fell 46.5 points or 0.1% to 34,051.7, the S&P 500 finished flat at 4,167.9, and the Nasdaq Composite lost 14 points or 0.1% to 12,212.6

On the bond markets, United States 10-Year yields were at 3.57%.

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