Stock futures rose in overnight trading on Wednesday after the S&P 500 and Dow Jones Industrial Average slid from record highs.
Dow futures rose 45 points. S&P 500 futures and Nasdaq 100 futures both traded in slightly positive territory.
Twilio's shares fell around 13% in after-hours trading, although both profits and revenue were beaten in the third quarter after the cloud communications platform forecast a loss for the fourth quarter. Ebay also fell about 5% due to the poor sales forecast for the fourth quarter. However, Ford rose nearly 9% due to the strong profits.
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Investors waited for the Commerce Department's first estimate of annualized gross domestic product in the third quarter. Economists polled by Dow Jones expected an increase of just 2.8% as products stranded in normally busy ports, employers struggled to find work, and consumers struggled with inflation.
On Wednesday, the S&P 500 lost 0.5% on its first day of decline in three days as the rally subsided in a strong earnings season. The blue-chip Dow lost more than 250 points and fell for the first time in four days.
The key averages have risen this month due to earnings momentum. The S&P 500 was up 5.6% in October, its best month since November 2020. The Dow is up 4.9% that month, while the tech-heavy Nasdaq Composite is up 5.5%.
According to CNBC calculations, nearly 40% of the S&P 500 companies have reported profits and more than 80% of them have exceeded Wall Street's expectations. S&P 500 companies are expected to grow profits 37.6% in the third quarter.
"The revenue has helped and is a reminder that US coverage so far on the Beats has been better than the long-term average," said Jim Reid, head of thematic research at Deutsche Bank, in a note. "Compared to some of the gritty stagflation stories in September and early October, it was still healthier, which may have contributed to the relief rally."