Dow futures today: Meta stock selloff after meta earnings weighs on stock futures; Nasdaq today set for choppy open

A bruising session for meta stock after meta earnings put global investors on edge heading into Friday, with dow futures softer and nasdaq futures wavering as traders digest outsized AI spending plans and a quirky tax hit that muddied headline profit. The backdrop: a jam-packed stretch of earnings today and month-end positioning that could exaggerate moves into the open.

Meta stock and meta earnings: why the reaction hit tech sentiment

Meta stock plunged roughly 11% on Thursday after the company paired a solid revenue beat with a much higher capital-expenditure path tied to AI infrastructure and model development. The company also recorded a one-time tax charge that slashed GAAP EPS to about $1.05; excluding that item, management said underlying profit would have been in the mid-$7s per share. Revenue topped $51 billion, but the focus was squarely on the cash burn required to build out data centers, custom silicon, and next-gen model capabilities.

Key points investors are trading:

• Capex shock: Guidance for 2025 was lifted to about $70–$72 billion, with indications spending could be even higher in 2026.

• Quality of the beat: Top-line growth and operating income were healthy, yet the EPS optics were overwhelmed by the tax item and forward spend.

• Read-through to peers: Elevated AI bills across megacap tech are reviving debates about payoff timelines and returns on invested capital—pressuring richly valued growth cohorts.

With meta earnings reframing the spending narrative, Nasdaq today faces a tug-of-war: enthusiasm for AI monetization versus caution around front-loaded costs and any slowdown in enterprise budgets.

Dow futures today: stock futures lean lower before the bell

Overnight, stock futures pointed to a mixed start:

• Dow Jones futures: down around 0.3%, reflecting pressure from old-economy components sensitive to bond yields and month-end flows.

• S&P 500 futures: fractionally lower (about -0.1%), with large-cap tech still dictating tape rhythm.

• Nasdaq futures: near -0.1%, stabilizing after Thursday’s tech-led slide but vulnerable to further single-name shocks.

Treasury yields edged up, keeping a lid on multiple expansion, while oil and gold slipped modestly. Volatility gauges ticked higher, consistent with earnings-headline risk and rebalancing dynamics.

Earnings today: what’s on deck and why it matters

While the week’s marquee megacap updates have largely hit, earnings today still feature mid- and small-cap names that can sway sector sentiment and factor performance (quality, momentum, high-beta). Traders are watching for:

• Software/internet read-throughs: Any updates on cloud spend, ad budgets, or AI attach rates that confirm—or contradict—the megacap spending story.

• Consumer bellwethers: Early holiday commentary on promotions, inventory, and traffic can shift discretionary baskets.

• Healthcare and industrials: Cost controls, pricing power, and FX headwinds/tailwinds are in focus as 2025 guidance firming begins.

Expect guidance language—more than backward numbers—to drive premarket gaps and first-hour trend persistence.

Markets news today: themes steering the open

• AI capex vs. ROI: The market wants clearer milestones—latency gains, usage metrics that convert to revenue, and early unit economics for inference at scale. Without that, heavy spend feels like a tax on near-term EPS.

• Tax and accounting noise: One-time items (like Meta’s) can scramble screens and algos; human context remains crucial to separate durable trends from optical hits.

• Rates and liquidity: If yields grind higher, value and cash-flow sturdiness tend to outperform into month-end, while high-duration tech stays jumpy.

• Positioning: Elevated dispersion means stock picking trumps sector beta. Watch for “fade the first move” patterns in the opening 30–60 minutes.

Nasdaq today: levels and tells for the growth trade

For Nasdaq today, bulls want to see:

• Buyers defend first support near Thursday’s closing range and improve breadth beyond a handful of AI leaders.

• Semis and software stabilize together; one without the other often yields choppy, low-conviction rallies.

• Mega-cap follow-through: A swift reversal higher in meta stock would signal that investors view the capex ramp as investment, not impairment.

Bears, meanwhile, will look for failed bounces at the 5-/10-day moving averages and a pickup in new lows among mid-caps—signs that dip-buyers are standing down.

Quick scoreboard: business news today and what to watch next

• Dow Jones futures / Dow Jones today: Slightly negative bias; watch cyclicals and rate-sensitives at the open.

• S&P/stock futures: Flat to lower; volatility elevated relative to last week.

• Nasdaq futures: Tentative; tech tape hinges on whether AI spend is framed as optionality or overreach.

• Futures overall: Liquidity pockets around data releases and corporate calls can widen spreads—size entries accordingly.

Playbook into the bell:

1. Let the first 20 minutes settle; avoid chasing gappy moves where spreads are widest.

2. Track capex rhetoric on calls—any hints of phasing, partnerships, or offsets could ease fears.

3. Respect month-end flows through the close; rebalancing can distort otherwise clean technicals.

If markets news today coalesces around “investment now, payback soon,” tech can find its footing. If not, expect another session where defense, cash flow, and balance-sheet strength carry the day while investors wait for clearer AI monetization proof points.