Nasdaq Futures Slip; Tesla Dives As This China Leaders Advances

Stock futures were arrayed for a soft start Thursday as big names including Facebook (FB) and Tesla (TSLA) posted early losses, and investors awaited a full calendar of news items — topped by Apple's (AAPL) quarterly results after the close.

XAutoplay: On | OffNasdaq 100 and S&P 500 futures sagged 0.1% below fair value. Futures for the Dow Jones industrial average showed more narrow losses.

A big economic news day opens with the announcement that President Trump appointed Fed Governor Jerome Powell as the central bank's next chairman, taking over when Janet Yellen's term ends in February. The Powell appointment is generally seen as a bid for continuity in the Fed's policy of gradually raising interest rates.

House Republicans plan to release details of their tax reform plan, with a meeting scheduled with the president at the White House this afternoon.

Early economic news showed layoffs announced by U.S. employers in October dipped to 29,831, marking their lowest year-to-date level since 1997, according to consultancy Challenger, Gray & Christmas. The report said U.S. employers were "holding on to their workforces," but warned "another downturn could be on the horizon for early to mid-2018 and with it, the large-scale layoff announcements."

Other economic items include weekly jobless claims and Q3 productivity estimates at 8:30 a.m. ET.

Dow Leads Dow; Tesla, Facebook Slide; Alibaba Climbs

DowDuPont (DWDP) led the Dow industrials, up 0.9% as both earnings and revenue cleared analysts' hurdles for the third quarter. The stock continues taking new highs, ending Wednesday 9% above a 67.40 cup-with-handle buy point.

Tesla (TSLA) dived 6% after a reporting a sharp drop in third-quarter earnings. Revenue topped analyst forecasts, but the company said production bottlenecks continued to hinder the ramp up of its new Model 3 sedan. Tesla shares are pulled back 18% from a September high, in a test of support at their 40-week moving average.

Facebook (FB) slipped 1%, reversing after-hours gains that followed positive third-quarter results reported after Wednesday's close. Shares are working on a sixth straight weekly advance, and advancing through a buy range above a 175.59 flat base buy point.

Blue Apron (APRN) tied up an early 7% advance, despite reporting a deeper-than-expected third-quarter loss. Revenue rose more than expected, however, and management detailed plans to reduce costs. The stock ended Wednesday 53% below its June IPO price.

China online retail leader Alibaba Group Holdings (BABA) climbed more than 3% ahead of the open. The company's fiscal second-quarter sales and earnings easily topped estimates. The stock is extended above a 177.10 buy point.

Among the morning's heaviest losses, chipmaker Impinj (PI) collapsed 24% on weak third-quarter earnings and fourth-quarter guidance. Fiber-optic gear maker Oclaro (OCLR) took a 16% dive, also on weak fourth-quarter guidance.

The Big Picture: Bulls Maintain The Upper Hand

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