Stock futures were narrowly mixed on Thursday as investors looked to consolidate some gains after the Dow Jones Industrial Average's record-breaking run.
S&P 500 futures was down 0.06%, Dow futures fell 0.15%, and Nasdaq futures were up 0.04%.
The Dow clocked its seventh straight record close on Wednesday on better-than-expected earnings from Microsoft (MSFT - Get Report) , the best performing stock in the blue-chip index. The S&P 500 also notched a new record.
Earnings continued to come in at a breakneck pace. The second-quarter earnings season is now roughly one-fifth complete. The second-quarter blended earnings estimate is down 3.8%, according to Thomson Reuters. Excluding energy, earnings improve to 0.1% growth, a sign the earnings recession is on the mend.
General Motors (GM - Get Report) rose more than 5% after breezing past quarterly estimates. The U.S. automaker reported a 157% jump in net profit in its second quarter as strong truck demand boosted sales. Revenue increased 11% to $42.4 billion. Sales in Europe also improved, leading GM to report its first quarterly profit in the region in five years.
Intel (INTC - Get Report) fell in premarket trading after weak quarterly growth in its server CPU segment, which is seen as the long-term solution to counteract weak PC sales. Sales in the segment grew 5% over the quarter, slowing from 9% growth in the first quarter. Overall earnings topped estimates.
Qualcomm (QCOM - Get Report) surged thanks to unexpected strength in its chips segment over its recent quarter. Mobile chip shipments totalled 201 million over the third quarter, above Qualcomm's target of between 175 million and 195 million. Total revenue rose 4% to $6 billion, above estimates of $5.58 billion.
Travelers (TRV - Get Report) reported a 20% drop in second-quarter operating earnings as claims spiked on wildfires in Canada and hailstorm damage around the U.S. over the three months to June. Catastrophe losses over the quarter reached $333 million, up from $221 million a year earlier. Its operating profit of $2.20 a share fell from $2.52 a year earlier, though exceeded estimates of $2.07.
eBay (EBAY - Get Report) climbed more than 5% after reporting its second quarter of sales gains in a row. Sales of $2.23 billion were up 5.7% from a year earlier. Adjusted earnings of 43 cents a share came in a penny above estimates.
Southwest Airlines (LUV - Get Report) reported a disappointing quarter, missing both analysts' profit and sales forecasts. The airline earned an adjusted $1.19 a share in its June-ended quarter, 2 cents shy of estimates, while revenue of $5.38 billion fell short of $5.40 billion expected. Its third-quarter outlook also missed expectations.
The European Central Bank opted to leave interest rates unchanged, as expected, following a meeting on Thursday. The central bank expects rates to remain at the current levels or even lower for an "extended period of time." Monthly asset purchases of 80 billion euros will also run until March 2017, though may be extended to continue longer.
Global financial markets have coped with the United Kingdom's decision to exit the European Union with "encouraging resilience," ECB President Mario Draghi said in a press conference after the announcement.
U.S. jobless claims in the past week remained extraordinarily low, a sign of continued strength in the labor market, according to the Labor Department. The number of new claims for unemployment benefits fell by 1,000 to 253,000. The less-volatile, four-week claims average fell 1,250 to 257,750.
Economic conditions in the Philadelphia region worsened in July. The Philly Fed index turned to negative 2.9 over the month from positive 4.7 in June.
Tesla (TSLA - Get Report) CEO Elon Musk envisions broader plans for his electric-automobile developer with plans extending to other transport segments such as heavy-duty trucks and buses. Musk updated his 2006 manifesto, likely in an attempt to ease investors' concerns over plans to acquire SolarCity (SCTY) where he serves as chairman. Musk said plans to "create a smoothly integrated and beautiful solar-roof-with-battery product" cannot be done while the companies are separate.
Joy Global (JOY) surged more than 20% before the bell after Japanese construction company Komatsu (KMTUY) agreed to buy the Milwaukee-based mining-equipment company in a deal worth roughly $3.7 billion, including debt. The offer of $28.30 a share is equivalent to an 18% premium to Joy's Wednesday close.