Big Tech Earnings Stall Stock Futures Momentum

Stock futures are poised to take a breather today, as investors unpack a batch of Big Tech earnings. Meta Platforms (META) and Microsoft (MSFT) are lower after their respective quarterly reports, while Alphabet (GOOGL) pushes firmly higher. Dow Jones Industrial Average (DJIA) and Nasdaq-100 (NDX) futures are off by triple-digits, while futures on the S&P 500 (SPX) sit modestly lower. Trade talks with China are also in focus, with rare earths stocks shining after Beijing delayed the latest curb on rare earth exports by a year. 

• Amazon earnings: what you need to know.
• Fintech stock suffers worst day ever.
• Plus, bear notes galore after three brutal post-earnings reactions.

5 Things You Need to Know Today

1. The Cboe Options Exchange saw nearly 3.1 million call contracts and roughly 1.3 million put contracts exchanged on Wednesday. The single-session equity put/call ratio fell to 0.46, while the 21-day moving average remained at 0.58.
2. Meta Platforms Inc (NASDAQ:META) stock is 9.5% lower before the bell. The company's third-quarter earnings and revenue fell short of estimates, the former dinged by a one-time tax charge of $15.93 billion from the implementation of the Trump administration’s One Big Beautiful Bill Act. In response, 15 brokerages have trimmed their price targets. META stock -- up 28.3% year-to-date heading into today -- is poised to test several key trendlines today.
3. Starbucks Corp (NASDAQ:SBUX) stock is 4% lower ahead of the open, after the coffee giant's fiscal fourth-quarter earnings whiffed on estimates. Three analysts issued bear notes in response, the worst coming from RBC to $100 from $110. SBUX is 7.7% lower in 2025 heading into today.
4. The shares of Chipotle Mexican Grill Inc (NYSE:CMG) are down 17.5% in electronic trading, with dismal same-store sales overshadowing a top-line beat for the third quarter. Thanks to 14 price-target cuts this morning, Chipotle stock is poised to open at its lowest level since early 2023, and is 34% lower year-over-year.
5. There's a lot of economic data to look forward to tomorrow.

Europe Turns to EWCB For Rate Hike Rhetoric

Stocks in Asia finished mixed, after the agreement on rare earths and saw Beijing tariffs on fentanyl slashed to 10%. South Korea also reached a deal with the U.S., investing $200 billion more a year in U.S. shipbuilding projects, totaling the implemented budget to $350 billion. Investors also eyed the rate cut outlook in the U.S., following Fed Chair Jerome Powell’s comments yesterday. For the day, Japan’s Nikkei inched 0.04% higher, Hong Kong’s Hang Seng slipped 0.2%, China’s Shanghai Composite shed 0.7%, and South Korea’s Kospi added 0.1%.

European markets are moving lower, despite euro zone data showing a better-than-anticipated rise of 0.2% for Q3. The European Central Bank (ECB) is also expected to release interest rate news later this afternoon. At last check, London’s FTSE 100 is off 0.6%, France’s CAC 40 is 1% lower, and Germany’s DAX is down 0.2%.