U.S. stock futures were pointing to a modestly higher Thursday open on Wall Street on the busiest day for companies reporting earnings from the quarter ended in September. The Dow Jones Industrial Average, S&P 500 and Nasdaq are all on pace for a positive week, with two trading days to go. Dow components 3M and Dow are among the major profit reports on Thursday. 3M stock was down in the premarket on disappointing numbers. Shares of chemical maker Dow were up on rosy results.
Shares of Twitter sank about 20% in the premarket after the social media network issued third-quarter earnings and revenue Thursday morning that fell short of estimates. Monetizable daily active users of 145 million were better than expected but well short of rivals such as Snap and Facebook. Prior to the report, Twitter shares were up 35% so far in 2019, with a market cap just above $30 billion.
Shares of Tesla surged as much as 20% in premarket trading after the electric auto maker delivered a surprise third-quarter profit after-the-bell Wednesday. Analysts had expected a quarterly loss. Revenue basically matched forecasts. Tesla told shareholders that it's ahead of schedule with a new China factory in Shanghai. The company also said it was ahead of schedule on its long-awaited Model Y crossover.
Tech start-ups trying to become banks will now have to take a slower, more traditional route. Fintech companies had welcomed a special bank charter that cleared a quicker path for them to become a bank. But that was dealt a blow this week as a federal district court in New York decided that the Office of the Comptroller of the Currency, the regulator issuing the charters, didn't have the authority to do so.
More than two dozen House Republicans, led by Florida Rep. Matt Gaetz, delayed a deposition hearing in the ongoing impeachment inquiry into President Donald Trump's conduct regarding Ukraine. Gaetz and the group marched into the secure facility at Capitol Hill, where House Democrats were scheduled to interview Pentagon official Laura Cooper, a witness in the probe.