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US stock futures rise
US stock futures rose on Wednesday night after a sharp sell-off driven by a decline in technology stocks, pushing the Nasdaq Composite Index and the S&P 500 to their worst session since 2022.
Futures tied to the Dow Jones Industrial Average added 78 points, or 0.2%. S&P 500 futures rose 0.2%, while Nasdaq 100 futures rose 0.3%.
In extended trading, shares of Ford Motor Company fell by about 10% after the company's profits in the second quarter were much lower than analysts expected. Meanwhile, Chipotle added nearly 3% after beating earnings and revenue expectations as it saw visits to its restaurants rise. Shares of IBM and ServiceNow jumped by about 2.4% and 7.1%, respectively, after exceeding expectations.
Wednesday's trading session saw steep declines for the S&P 500 and Nasdaq Composite, driven by disappointing quarterly reports from Alphabet and Tesla, dragging shares of tech heavyweights and AI favorites like Nvidia and Microsoft. Both the broad market index and the tech-heavy index posted their worst sessions since 2022, while the Dow Jones Industrial Average fell about 504 points to end the day.
Investors have been viewing the recent declines as a sign of a long-awaited correction in the overbought market, which is now seeing a shift away from big tech to smaller stocks and more cyclical areas of the market.
However, Ma said there are healthy areas in the market, such as cruise lines and US infrastructure. He added that the names of giant technology companies will continue to "struggle for some time" until they can resume their activity and obtain more evidence about their results related to artificial intelligence.
