US stock futures rise after positive Tesla results By Investing.com

Investing.com – S&P and Nasdaq futures rose in evening trading on Wednesday as stronger-than-expected gains from Tesla helped lift sentiment, although Wall Street still suffered steep losses from the session.

Futures rose after Wall Street indexes fell sharply during the session, weighed down by sharp losses in heavyweight technology stocks. Fears of smaller interest rate cuts and the upcoming presidential election sparked profit-taking, especially after Wall Street hit record highs last week.

rose 0.1% to 5,843.0 points, while it rose 0.4% to 20,290.50 points at 7:53 p.m. ET (23:53 GMT). lagged behind, falling by almost 0.2% to 42,666.0 points.

Tesla gains 12% after a stronger-than-expected third quarter

Tesla Inc (NASDAQ:) rose more than 12% in aftermarket trading after the company posted stronger-than-expected third-quarter profits, even as vehicle deliveries for the quarter were disappointing.

The increase in profits was primarily due to improved margins, with slight growth in deliveries of electric vehicles also forecast for the year.

The improved delivery outlook follows nearly a year of slowing growth amid increasing competition in its main market of China and the saturation of EV markets in the West. The company's attempts to diversify beyond its core automotive business, with forays into robotaxis and artificial intelligence, were also largely unsuccessful at the beginning of October.

The stock is the first of the so-called “Magnificent Seven” to report this earnings season, and its positive reading is fueling hopes of a similar trend among Tesla's peers reporting in the coming weeks.

Alphabet Inc (NASDAQ:), Microsoft Corporation (NASDAQ:), Meta Platforms Inc (NASDAQ:) and Amazon.com Inc (NASDAQ:) are set to report earnings next week.

Wall Street is tumbling amid election fears and rising yields

Wall Street indexes fell on Wednesday as expectations of a close presidential election and relatively higher U.S. interest rates dampened risk appetite. Treasury yields rose, putting the most pressure on technology stocks.

The index fell 0.9% to 5,797.42 points, while it slipped 1.6% to 18,277.41 points. It fell by almost 1% to 42,514.95 points.

This week's focus is on further upcoming earnings reports as well as key data that should provide further clues about the US economy.