Stock futures fall after Meta Platforms, IBM report quarterly results: Live updates

European stocks opened slightly higher Wednesday, with the benchmark Stoxx 600 index down 0.2% by 8:15 am London time.

The UK’s FTSE 100 climbed 0.5% after it snapped a five-day winning streak on Thursday, while France’s CAC 40 was 0.2% lower, and Germany’s DAX down 0.5%.

Japan’s Nikkei 225 index fell 2.1% in afternoon trading, while the broader Topix index dropped 1.64%.

The benchmark Nikkei 225 has fallen 8.3% from a record high hit in late March.

Investors are waiting for the Bank of Japan’s monetary policy decision on Friday. It will be closely watched for inflation outlook against a backdrop of a weakening yen, higher oil prices and strong wage growth.

The yen slipped past 155 against the US dollar on Thursday, touching a new 34-year low.

— Shreyashi Sanyal

Shares of South Korean chipmaker SK Hynix slid almost 3% despite the company posting its highest operating profit in almost two years.

The chipmaker recorded 2.89 trillion South Korean won ($2.1 billion) in operating profit for the first quarter of 2024, a 734% jump year on year, with net profit coming in at 1.92 trillion won.

Revenue for the fourth quarter came in at 12.43 trillion won, an all-time quarterly high.

SK Hynix explained that this was due to an increase in the sales of AI server products, “backed by its leadership in AI memory technology.”

The company also added that it “believes that it has entered the phase of a clear rebound, following a prolonged downturn.”

— Lim Hui Jie

South Korea posted GDP growth of 3.4% in the first quarter, beating the 2.4% expected by economists polled by Reuters and marking its highest quarterly growth since the fourth quarter of 2021.

On a quarter on quarter basis, GDP rose 1.3%, also beating Reuters expectations of 0.6%.

Exports from South Korea in the first quarter rose by 0.9%, as exports of IT items, such as cellular phones, increased. Imports contracted by 0.7%, due to decreased imports of electronic equipment.

— Lim Hui Jie

iCapital chief investment strategist Anastasia Amoroso believes that there’s a good chance the S&P 500 could rise to 5,500 by year’s end.

The broader market index closed at 5,071.63 on Wednesday afternoon. This target would mark an 8% increase for the benchmark.

“I think investors are getting another entry point here that’s quite attractive,” she said on CNBC’s “Closing Bell” on Wednesday afternoon. Amoroso specifically highlighted semiconductor stocks for their potential to outperform going forward.

As catalysts for an encouraging equities backdrop, the strategist cited strong corporate earnings and consumer spending, alongside a pickup in global manufacturing momentum.

—Lisa Kailai Han

These are the stocks moving the most in extended trading hours:

—Lisa Kailai Han