Investing.com — S&P and Nasdaq Futures Rise

S&P and Nasdaq futures rose in evening deals on Wednesday as stronger-than-expected earnings from Tesla helped improve sentiment. However, Wall Street was still nursing steep losses from the session.

Futures advanced after Wall Street indexes fell sharply during the session, mostly due to large losses in heavyweight technology stocks. Anxiety over smaller interest rate cuts and the upcoming presidential election sparked profit-taking, especially after Wall Street hit record highs last week.

• S&P 500 Futures rose 0.1% to 5,843.0 points.
• Nasdaq 100 Futures rose 0.4% to 20,290.50 points by 19:53 ET (23:53 GMT).
• Dow Jones Futures lagged, falling nearly 0.2% to 42,666.0 points.

Tesla Rallies 12% on Stronger-than-Expected Q3

Tesla Inc (NASDAQ:TSLA) rose more than 12% in aftermarket trade after posting stronger-than-expected earnings for the third quarter, despite disappointing vehicle deliveries for the quarter.

The earnings beat was driven mainly by improved margins, with the electric vehicle company forecasting mild growth in deliveries for the year.

This improved outlook follows nearly a year of waning growth amidst increased competition in major market China and saturating EV markets in the West. Tesla's efforts to diversify beyond its core automobile business have seen mixed results, particularly its ventures into robotaxis and artificial intelligence.

Tesla became the first of the so-called “Magnificent Seven” to report this earnings season, with its positive figures inspiring hopes for similar results from its peers, who are set to report in the coming weeks.

Upcoming Earnings: Alphabet Inc (NASDAQ:GOOGL), Microsoft Corporation (NASDAQ:MSFT), Meta Platforms Inc (NASDAQ:META), and Amazon.com Inc (NASDAQ:AMZN) are all set to report earnings next week.

Wall Street Sinks Amid Election Jitters, Rising Yields

Wall Street indexes fell on Wednesday as anticipation of a tight presidential election and relatively higher U.S. interest rates dampened risk appetite. Treasury yields rose, putting pressure on technology stocks the most.

• S&P 500 fell 0.9% to 5,797.42 points.
• NASDAQ Composite slid 1.6% to 18,277.41 points.
• Dow Jones Industrial Average fell nearly 1% to 42,514.95 points.

Focus this week is on more upcoming earnings prints as well as key purchasing managers index data, which is set to provide more insights into the U.S. economy.