M Alfathan Rahman
M Alfathan Rahman
Wall Street looks for footing after the AI selloff, while American Express and SLB report before the open.
The Nasdaq Composite fell 2.6% to 26,008.86 on Thursday, its worst day since June, according to Investing.com. The S&P 500 lost 1.2% to 7,663.43, while the Dow ended flat.
The pressure came from worries about how AI spending is being funded. The Philadelphia Semiconductor Index dropped 6.7%, its biggest daily decline since June 23.
| Stock | Movement | What to Watch |
|---|---|---|
| AXP | Q3 webcast at 8:30 a.m. ET, before the open | Card spending and credit quality, after delinquencies at seven major card issuers rose to 2.62% in September |
| SLB | Results at 7:00 a.m. ET, call at 9:30 a.m. ET | Q3 results with Brent at a five-month high |
| META | Down 6.98% to $648.85 on Thursday | The second session after its first cash outflow in more than a decade |
| NVDA | Down 4.40% to $212.21 on Thursday | How chip stocks trade after the semiconductor index fell 6.7% |
| WDC | Down 4.85% to $337.01 after hours Thursday | First regular session after Q2 revenue guidance of $5.1 billion |
Source: closing and after-hours prices from Investing.com; AXP and SLB schedules from company releases; card delinquency data from PYMNTS; Brent settlement from Investing.com.
American Express (AXP) webcasts its third-quarter results at 8:30 a.m. ET, before the market opens.
Credit Pulse data cited by PYMNTS shows the average delinquency rate across seven major card issuers, American Express included, rose to 2.62% in September from 2.51% in August.
SLB (SLB) issues its third-quarter results at 7:00 a.m. ET. The report comes after Brent settled up 4% at $113.17 a barrel on Thursday, its highest since May 4, after fresh Houthi attacks in Saudi Arabia, according to Investing.com.
Meta Platforms (META) fell 7% after posting its first cash outflow in more than a decade. Capital spending for the quarter was nearly $35 billion, and Meta narrowed its capex guidance to $135 billion to $145 billion, according to Investing.com.
Chip stocks fell with it. Nvidia (NVDA) lost 4.40% and Lam Research (LRCX) lost 11.76%. After the close, Western Digital (WDC) reported fiscal 2027 first-quarter revenue of $4.38 billion, up 55%, with second-quarter guidance of $5.1 billion, plus or minus $100 million, according to Investing.com. The shares still fell 4.85% after hours.
As of 8:10 p.m. ET on Thursday, S&P 500 futures were flat at 7,707, according to Investing.com. Nasdaq 100 futures fell 0.2% to 29,083.75 and Dow futures rose 0.1% to 53,133.
Beyond the watchlist, Spotify rose 11.10% on Thursday after forecasting fourth-quarter profit above estimates, according to Reuters.
The University of Michigan's final October consumer sentiment reading comes out at 10:00 a.m. ET. The preliminary reading was 46.3, down from 48.1 in September. The Fed's next meeting is on October 27-28.
Tonight the market looks for footing after the AI selloff, with American Express and SLB as the main reports before the open.
For AI and chip stocks, investors are still weighing Meta's cash flow and Western Digital's guidance.
This article is for education and information only and is not investment advice. Investment decisions are yours to make after your own research.
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