finance
US Stocks Show Mixed Pre-Market Moves as Companies Report Quarterly Earnings
Major U.S. stock indices edged higher in pre-market trading, with the Nasdaq leading gains amid a slew of corporate earnings reports. Companies including Pinterest and Coinbase announced results and operational changes, while Big Oil firms signaled continued focus on profits over production growth. The updates come as markets digest guidance and outlooks for the fiscal year.
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U.S. stock futures pointed to a modestly higher open on Wall Street, with the Nasdaq futures up 0.6% and small-cap Russell 2000 futures also gaining 0.6%, while S&P 500 futures rose 0.4%. The moves followed a batch of quarterly earnings releases that drove individual stock reactions, including sharp gains for Pinterest after its results topped expectations.
Apple shares dipped 0.2% in pre-market trading despite reports of exploratory talks with Intel and Samsung Electronics about producing main processors for its devices. Separately, BofA noted that Apple's App Store revenue grew 3.7% year-over-year in the current third quarter of fiscal 2026, building on demand for iPhone and Mac products that prompted the company to boost its revenue guidance to between 14% and 17% growth.
Pinterest surged 17% after reporting first-quarter earnings and revenue that beat estimates, along with stronger-than-expected guidance tied to higher user monetization and improvements in its AI-driven ad platform. The social media company's outlook pointed to continued revenue acceleration.
Coinbase rose 3.5% following its announcement to reduce its workforce by about 14%, with the crypto exchange's CEO citing the impact of artificial intelligence on processes and the need to manage costs in volatile markets. The firm aims to streamline operations amid advances in AI technology.
Cummins shares were not specifically mentioned in pre-market movers, but the company reported first-quarter net sales of $8.40 billion, slightly above the $8.37 billion estimate, and raised its full-year EBITDA outlook to between 17.8% and 18.5% growth.
Intel gained 3.6% on news of discussions with Apple regarding processor production, alongside Samsung Electronics. Shopify dropped 6.6% after its operating profit fell well short of expectations, with its revenue outlook suggesting a potential slowdown in growth pace.
