Investing.com — U.S. stock index futures were slightly higher in evening trading on Thursday as broad buybacks from big technology stocks were seen easing ahead of a string of big tech sector earnings reports next week.
However, sentiment remained fragile after disappointing results from Netflix (NASDAQ:) and was also weighed down by uncertainty over U.S. politics amid growing calls to revoke President Joe Biden’s reelection.
It was up 0.1% to 5,602.0 points and was up 0.3% to 19,946.50 points at 19:47 ET (23:47 GMT). It was up slightly to 40,985.0 points.
Tech stocks hold steady after big drop
Major technology stocks steadied in after-market trading after posting sharp declines over the past two sessions. Major names like Apple Inc. (NASDAQ:) and Microsoft Corp. (NASDAQ:) were up slightly in late afternoon trading.
Major technology stocks have fallen over the past two trading days as a combination of profit-taking and a return to sectors that are well placed to benefit from an economic recovery.
Netflix shares were slightly lower in after-hours trading after the company reported weaker-than-expected second-quarter profit.
Large semiconductor manufacturing stocks were also rattled by the possibility of further U.S. sanctions against China, and particularly its semiconductor manufacturing sector.
A drop in tech stocks led to a larger drop on Wall Street, with stocks down 0.8% to 5,544.59 points on Thursday, while the stock market was down 0.7% to 17,874.45 points and the stock market was down 1.3% to 17,874.45 points.
TSMC backs chip makers as big tech companies look to make money
All eyes are on major tech earnings next week, with Microsoft, Google parent Alphabet (NASDAQ:) and Tesla (NASDAQ:) all scheduled to report on Tuesday, and the two internet giants whose stock prices have risen significantly over the past year are expected to offer more hints about artificial intelligence.
All eyes will be on electric car maker Tesla to see how it weathers a steep decline in sales this year.
Strong results from chip-making pioneers ASML (AS:) Holdings Inc. (NASDAQ:) and TSMC (NYSE:) helped support semiconductor stocks on Thursday. TSMC rose slightly after posting better-than-expected second-quarter profit, and the world’s largest contract chipmaker also raised its outlook on strong demand from AI.
Political debate comes into focus as calls grow for Biden to withdraw from election
The 2024 presidential election has also become a focus on Wall Street amid growing calls among Democrats for Biden not to seek reelection.
Former House Speaker Nancy Pelosi told House Democrats that they could persuade Biden to drop out of the race, according to reports on Thursday.
Concerns about Biden’s health, combined with the growing popularity of Republican candidate Donald Trump, have raised doubts about whether Biden can win a second term.
