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Stocks - U.S. Futures Fall After Netflix Subscriber Miss

Investing.com
Updated

Investing.com - U.S. futures fell on Thursday, under the dual impact of a disappointing quarterly update from Netflix and revived concerns about U.S.-China trade.

Netflix (NASDAQ:NFLX) slumped 11.3% in premarket trading and were set to open at their lowest since January, after it said it added 2.7 million new subscribers in the second quarter, well below guidance of 5 million. The company said it was due to lack of fresh content. It upheld its forecast of 7 million new subscribers in the third quarter.

The streaming giant is under pressure from other entertainment providers, as Walt Disney (NYSE:DIS), Comcast (NASDAQ:CMCSA) and others attempt to control content with their own streaming services.

Other 'FAANG' stocks were slightly lower, with Facebook (NASDAQ:FB) and Google (NASDAQ:GOOGL) slipping 0.9% and 0.5%, while Apple (NASDAQ:AAPL) gained 0.4%.

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Nasdaq 100 futures fell 12 points or 0.2% by 6:42 AM ET (10:42 GMT), while Dow futures inched down 25 points or 0.1% and S&P 500 futures slipped 1 point or 0.1%.

Markets closed in the red on Wednesday after the Wall Street Journal reported that U.S.-China trade talks are stuck over how to ease restrictions on Chinese tech giant Huawei.

German software giant SAP (NYSE:SAP) fell 6.1% after its revenue came in below forecasts due to weakness in Asia. IBM (NYSE:IBM) was down 1.1% after its revenue overall declined for the fourth straight quarter, despite its cloud-based business pushing earnings higher.

Qualcomm (NASDAQ:QCOM) declined 1.1% after it was fined 272 million euros ($272 million) by the European Union Commission for blocking a rival from the market a decade ago.

Elsewhere, UnitedHealth (NYSE:UNH) jumped 1.6% after it reported a 13% rise in second-quarter profit, while ASML (NASDAQ:ASML) rose 2.3%.

On the data front, weekly jobless claims are released at 8:30 AM ET (12:30 GMT), along with the Philly Fed Manufacturing index for July.

In commodities, crude oil rose 0.8% to $57.22 a barrel, while gold futures slipped 0.1% to $1,421.75 a troy ounce. The U.S. dollar index, which measures the greenback against a basket of six major currencies, gained 0.1% to 96.910.

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