Pre-market futures rose as investors digested third-quarter earnings, with SpaceX shares climbing 8.2% after the company reported revenue growth of 161% year over year to $14.58 billion. The blue-chip Dow Jones Industrial Average is up 239 points, marking its best trading month since April, while the Nasdaq is up 163 points and the S&P 500 is up 25 points. This trading session marks a break from major economic data, with the next significant inflation report scheduled for a week from tomorrow.
SpaceX, which acquired xAI in February of this year, saw earnings more than triple expectations to $0.45 per share, driven largely by ninefold growth in its artificial intelligence business. The stock is now up 18% from its initial public offering price set earlier this summer. During yesterday's conference call, CEO Elon Musk discussed the company's buyout of Tesla, adding another layer of complexity to the electric vehicle maker's upcoming earnings release.
Other energy and healthcare names presented mixed results ahead of the open. NextEra Energy posted earnings of $1.24 per share, beating the prior year's $1.13 per share by four cents. However, its revenue of $8.09 billion fell 11% below the Zacks consensus estimate, though it remained slightly higher than the $7.97 billion reported in the year-ago quarter. Shares are up 0.9% at this hour but remain marginally down for the year.
Abbott Labs reported earnings of $1.42 per share, missing estimates by one cent, while revenues of $13.01 billion exceeded expectations by 0.30%. Uncertainty surrounding the spinoff of its Nutrition business is weighing on the stock, which is down 3.36% in pre-market trading and has lost 18.2% since the start of the year. CME Group outperformed estimates on both revenue and earnings, with shares remaining flat ahead of the bell despite underperforming the S&P 500 year to date.
Investors will turn their attention to technology giants after the closing bell today. Meta Platforms is expected to report negative earnings growth of 52.4% alongside revenue growth of 23.68%, a result that could help it bounce back from its second-quarter miss. Tesla, which carries a Zacks Rank #4 (Sell), faces expectations for a 10% decline in earnings and a 1.12% increase in revenue. Tesla shares are up 3% ahead of the opening bell but are down 14.7% year to date, with further discussion regarding a potential SpaceX takeover anticipated.