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.
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.
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.
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.
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
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.
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.
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.
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
Qualcomm (QCOM) -11%
Drop following a very disappointing Q2 guidance:
- Adjusted EPS expected well below consensus
- Smartphone demand pressures linked to memory constraints
Arm Holdings (ARM) -6%
Retreated despite decent results:
- License revenue below expectations
- Guidance deemed not convincing enough
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
