A trader works on the floor of the New York Stock Exchange.
Peter Kramer | CNBC
Stock futures inched higher Wednesday evening.
In after-hours trading, electric vehicle juggernaut Tesla slid 1% after the company missed expectations on earnings and revenue in the third quarter. Tesla posted adjusted earnings of 66 cents per share on revenue of $23.35 billion, while analysts polled by LSEG, formerly known as Twitter, anticipated earnings of 73 cents per share on revenue of $24.1 billion.
Elsewhere, Netflix shares popped 12% in extended trading after the streaming giant posted third-quarter profit of $3.73 per share, beating analysts’ expectations of $3.49 per share, according to LSEG.
During Wednesday’s regular trading, stocks sold off sharply as Treasury yields surged to multiyear highs. The yield on the 10-year Treasury topped 4.9%, touching its highest level in 16 years. In turn, the S&P 500 tumbled 1.3%, while the 30-stock Dow shed more than 330 points, or 0.98%. The Nasdaq Composite was the notable loser, off 1.6%.
Interest rates will be back in focus Thursday as traders look ahead to a key speech from Federal Reserve Chair Jerome Powell on Thursday for clues on where rate policy is heading. Even as inflation numbers have been showing signs of improvement, Treasury yields’ continued climb is raising questions on how the central bank may proceed on monetary policy.
Powell is set to speak at noon ET on Thursday at the Economic Club of New York.
Other economic data on deck includes weekly jobless claims and existing home sales for September.
A slate of regional banks will report quarterly results Thursday, including KeyCorp, Fifth Third and Truist Financial. American Airlines, Union Pacific and CSX are also slated to post earnings.
— CNBC’s Jeff Cox contributed to this story.