Dow, S&P 500, Nasdaq futures slide as Apple earnings cap week of mixed Big Tech results

U.S. stock futures fell on Thursday as Wall Street digested another session of losses for the S&P 500.

Futures tied to the S&P 500 (ES=F) edged down about 0.1%, while Nasdaq 100 futures (NQ=F) also fell 0.2%. Dow Jones Industrial Average futures (YM=F) were down about 100 points, or 0.2%.

Earnings drivers fueled the after-hours action. Apple ( AAPL ) shares rose about 1% after its fiscal first-quarter profit and sales beat expectations, driven by stronger-than-expected iPhone demand. Data storage company Sandisk (SNDK) surged 11% after issuing upbeat forward guidance.

Microsoft (MSFT) shares fell about 10%, their biggest one-day drop since March 2020, weighing heavily on the S&P 500 (^GSPC) and Nasdaq (^IXIC). The sell-off follows signs of slowing growth in the company’s cloud business. The results triggered broader losses in software stocks as investors assess the impact of artificial intelligence on revenue and the huge spending required to achieve it.

Despite recent volatility, the major averages are still trading higher this week. The S&P 500 and Nasdaq are both up nearly 0.8% so far this week, and conversely, the Dow Jones Industrial Average (^DJI) is expected to be down about 0.1% for the week.

Investors are also analyzing the Federal Reserve’s first interest rate decision in 2026, which will keep interest rates steady. Traders continue to expect about two quarters of rate cuts before the end of the year, according to CME Group FedWatch data.

Attention remains focused on central bank leadership. Any easing appears likely to be delayed until after Chairman Jerome Powell’s term ends in May. The delay puts more focus on Trump’s nomination to be chairman of the Federal Reserve, which is expected to be announced on Friday morning.

With many big tech companies already reporting, market focus now turns to oil producers, with Exxon Mobil (XOM) and Chevron (CVX) due to report before the market open on Friday. American Express ( AXP ) and Verizon ( VZ ) had strong earnings performances this week.