US Premarket – Wall Street seeks direction after Alphabet’s results

US markets are moving without a clear direction this Thursday as investors digest a dense wave of earnings releases, dominated by Alphabet, while bond yields continue to retreat.

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US Futures

• Nasdaq 100 Futures: +0.16%
• S&P 500 Futures: +0.15%
• Dow Jones Futures: +0.14%

Futures remain mixed, reflecting a fragile balance between strong tech results and concerns over AI capex spending.

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Bond Market

Treasury yields are falling across the curve:

• US10Y: 4.27% (-1.3 bps)

• US30Y: 4.91% (-1.2 bps)

• US2Y: 3.55% (-0.2 bps)

This movement supports growth stocks, particularly in tech.

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Results & Gainers

Snap (SNAP) +6%

Strong Q4 report:

• DAU: 474M (+21M Y/Y)

• ARPU: $3.62 (above consensus)

• Free cash flow: $206M (+13%)

• Adjusted EBITDA: $358M (+30%)

Announcement of a new $500M share buyback program. Q1 outlook is broadly in line.

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Celestica (CLS) +6%

Very strong results and guidance:

• Q4 revenue: $3.65B (+43% Y/Y)

• Q1 guidance well above expectations

• 2026 goals raised, driven by AI demand in data centers

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Tower Semiconductor (TSEM) +13%

Strong reaction after the announcement of a strategic partnership with Nvidia around optical modules for AI data centers, based on silicon photonics.

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ALX Oncology (ALXO) +10%

Rises after a massive entry by venBio Capital, which acquired 3.2M shares for $5M. The fund is already strongly involved in the group’s governance.

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NIO (NIO) +8.7%

The Chinese automaker anticipates its first quarterly adjusted operating profit in Q4 2025, thanks to higher volumes, improved margins, and increased cost discipline.
Positive effect on the sector: Xpeng and Li Auto are also gaining.

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Stocks under pressure

Alphabet (GOOG / GOOGL) -3%

Despite a Q4 that beat expectations (revenue +18% at $113.8B), the stock fell:

• Major concerns about 2026 capex spending, estimated between $175B and $185B

• Investors fear AI investment intensity is too high

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Qualcomm (QCOM) -11%

Drop following a very disappointing Q2 guidance:

• Adjusted EPS expected well below consensus

• Smartphone demand pressures linked to memory constraints

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Arm Holdings (ARM) -6%

Retreated despite decent results:

• License revenue below expectations

• Guidance deemed not convincing enough

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Wolfspeed (WOLF) -9%

Results well below expectations:

• Massive adjusted loss

• Revenue and guidance down

• The group is continuing its restructuring after its recent exit from Chapter 11

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