Dow Jones Supported by Salesforce Jump; Tesla Weakness Drags NASDAQ Index Lower

The major U.S. stock index futures contracts are trading mixed in after- hours trading with the higher-priced Dow supported by a jump in shares of Salesforce and the NASDAQ Composite pressured by the NASDAQ Composite.

At 04:00 GMT, Dow Jones Industrial Average futures are trading 32758.00, up 65.00 or +0.20%. Benchmark S&P 500 Index futures are at 3943.00, down 13.50 or -0.34% and the tech-weighted NASDAQ Composite is trading 11907.75, down 54.00 or -0.45%.

Weakness Continues on the First Day of New Month

All the major averages fell on Wednesday, the first trading day of March. The catalyst behind the move was skyrocketing bond yields, with the yield on the 10-year Treasury not hitting 4% of the first time since November.

The rise in Treasury yields was especially disturbing to investors along with concerns over a potentially larger-than-expected hike from the Federal Reserve

Stocks were weaker across the board, dragging the S&P and NASDAQ Composite lower by 0.47% and 0.66%, respectively. The Dow managed to eke out a 5.14 gain. Nonetheless, the S&P 500 and the NASDAQ remain on pace for their second consecutive losing week for the first time since December. The Dow, meanwhile, is on track for its fifth consecutive losing week, a first since May 2022.

Salesforce Shares Pop on Strong Earnings, Guidance

Salesforce is trading higher by more than 15% early Thursday after posting better-than-expected fourth quarter results and strong guidance for the year ahead.

The cloud software company reported adjusted earnings per share of $1.68 on revenue of $8.38 billion. Analysts surveyed by Refinitiv had called for EPS of $1.36 on $7.99 billion in revenue.

Salesforce said it’s expanding its share buyback program to $20 billion.

Tesla Shares under Pressure as Investor Day Unfolds

Shares of Tesla fell about 3% after the bell as the electric vehicle maker held its 2023 Investor Day.

During the event, hosted in Texas, CEO Elon Musk unveiled his “Master Plan 3,” focusing heavily on sustainable energy, but sharing few details.

Investors and analysts alike are monitoring the event for insight into how the company plans to grapple with increasing competition.

Other Stocks Moving in Pre-Market Session

Along with Salesforce and Tesla, a slew of technology stocks are moving in the overnight trade after reporting earnings.

Snowflake shares fell more than 7% on lighter-than-expected product revenue guidance, despite posting a top-bottom line beat for the recent quarter, according to Refinitiv.

Okta shares jumped 14% on a top-and-bottom line beat. The identity management company also shared strong revenue and EPS guidance for the current period, including an unexpected profit.

Crypto-focused bank Silvergate Capital shares plunged mover than 30% in overnight trading after it filed to delay the release of its 10-K. The company said it needs more time to “complete management’s evaluation of internal controls over financial reporting. “  It also said in its filing that it may be “less than well-capitalized.”

Looking Ahead to Thursday …

Earnings season continues Thursday with results from Broadcom, Costco and Marvell Technology.

On the economic front, investors await jobless claims, and unit labor costs and productivity data. Traders will also get the opportunity to react to a speech from Fed Governor Christopher Waller.