U.S. stock futures fell Thursday after tech juggernaut Meta Platforms reported quarterly results that disappointed investors.

Futures tied to the Dow Jones Industrial Average fell 207 points or 0.5%. S&P 500 futures slid 0.7%, and Nasdaq 100 futures dropped 1%.

Meta plunged 12% in premarket trading after the social media giant issued light revenue guidance for the second quarter. That would be the stock's biggest one-day decline since October 2022. International Business Machines also fell 8% after missing consensus estimates for first-quarter revenue.

Meta's report raises concern ahead of other big tech releases. Microsoft and Alphabet are slated to post earnings after the close Thursday.

Traders will watch out for the first-quarter reading of the U.S. gross domestic product, due at 8:30 a.m. ET Thursday. Economists polled by Dow Jones expect that real GDP came in at 2.4%. Weekly jobless claims are also due.

These data points will inform the central bank's path forward on interest rate policy. Fed funds futures trading suggests the first cut could take place at the September Fed meeting, according to CME FedWatch Tool.

Nevertheless, iCapital chief investment strategist Anastasia Amoroso thinks that earnings look strong enough to boost stocks.

"Even if the Fed does stand pat, I think this could be a supportive environment for stocks," she said on CNBC's "Closing Bell" on Wednesday afternoon. "Return expectations for investors have actually improved since the beginning of April."

Caterpillar stock slides after sales decline

Shares of Caterpillar fell more than 3% in early trading after the construction equipment company reported softer-than-expected sales for the first quarter.

The company generated $5.60 in adjusted earnings per share on $15.8 billion of revenue. Analysts surveyed by LSEG were looking for $5.14 per share on $16.04 billion of revenue.

Sales were down year over year, including a decline in the construction industries segment, which is Caterpillar's largest.

"The decrease in sales volume was primarily driven by lower sales of equipment to end users; there was not a significant impact from changes in dealer inventories," Caterpillar said in a press release.

— Jesse Pound

Stocks making the biggest moves premarket

Check out the companies making headlines before the bell.

Meta Platforms — The Facebook parent company plunged more than 14% after issuing lighter-than-expected second-quarter revenue guidance. However, first-quarter earnings and revenue both came above analysts' estimates. 

Honeywell – The industrial stock rose 2.2% in premarket trading after the company posted earnings per share of $2.25, beating LSEG consensus analysts' estimates of $2.17. Revenues for the quarter came in at $9.11 billion, compared to the $9.03 billion analysts were expecting.

Merck — The pharmaceutical giant added 2.1% on stronger-than-expected earnings for the first quarter. Merck earned an adjusted $2.07 per share on $15.78 billion in revenue. Analysts surveyed by LSEG forecasted $1.88 per share and $15.2 billion. 

The full list can be found here.

— Hakyung Kim

Investors react to latest airline earnings

Airlines Southwest and American diverged in premarket trading as investors reacted to their first-quarter earnings reports.

Southwest dropped more than 7% after missing Wall Street expectations on both lines. It saw 36 cents in adjusted losses per share on $6.33 billion in revenue, while analysts surveyed by LSEG forecasted a loss of just 34 cents and revenue at $6.42 billion.

The Dallas-based carrier also warned that delays from Boeing could hurt its growth into 2025.

On the other hand, American added more than 4%. Despite also coming in below analyst forecasts on both lines, investors appeared focused on stronger-than-anticipated guidance for the current quarter.

American posted an adjusted loss of 34 cents on revenue of $12.57 billion for the first quarter. That's under the consensus estimates from analysts surveyed by LSEG of a 29-cent loss and $12.6 billion in revenue.

— Alex Harring, Leslie Josephs

Honeywell rises following strong earnings

Honeywell rose in premarket trading after reporting its financial results for the latest quarter.

The industrial firm posted earnings per share of $2.25, beating analysts' estimates of $2.17, according to LSEG. Revenues for the quarter came in at $9.11 billion, compared to the $9.03 billion analysts were expecting.

Shares were last higher by 1.8%.

— Tanaya Macheel

Merck advances on better-than-expected earnings

Merck shares climbed nearly 2% before the bell on Thursday as first-quarter earnings came in ahead of expectations.

The pharmaceutical giant earned an adjusted $2.07 per share on $15.78 billion in revenue. Analysts surveyed by LSEG anticipated just $1.88 per share and $15.2 billion.

Merck was aided in the period by strong sales of its vaccination products and Keytruda cancer drug. Shares of the stock, which is part of the Dow, have jumped more than 16% in 2024.

— Alex Harring, Annika Kim Constantino

Chipotle stock adds more than 3% on earnings beat

Chipotle Mexican Grill shares jumped 3.2% in Thursday premarket trading on the back of a better-than-expected quarterly print.

The burrito chain on Wednesday reported first-quarter earnings and revenue that surpassed analysts' expectations, fueled by higher traffic to its restaurants. Earnings per share came out at $13.37, excluding items, while analysts polled by LSEG had called for $11.68 per share. Chipotle posted $2.7 billion in revenue, exceeding the expected consensus estimate of $2.68 billion.

Chipotle saw traffic growth across income groups during the quarter, CEO Brian Niccol said. Customers have continued to flock to the restaurant chain even after it raised its prices in October, citing inflation.

For more on Chipotle's earnings, read here.

— Pia Singh

European stocks open lower

European stocks opened slightly higher Wednesday, with the benchmark Stoxx 600 index down 0.2% by 8:15 a.m. London time.

The U.K.'s FTSE 100 climbed 0.5% after it snapped a five-day winning streak on Thursday, while France's CAC 40 was 0.2% lower, and Germany's DAX down 0.5%.

— Karen Gilchrist

Nikkei 225 falls 2%, leads declines among Asia stocks

Japan's Nikkei 225 index fell 2.1% in afternoon trading, while the broader Topix index dropped 1.64%.

The benchmark Nikkei 225 has fallen 8.3% from a record high hit in late March.

Investors are waiting for the Bank of Japan's monetary policy decision on Friday. It will be closely watched for inflation outlook against a backdrop of a weakening yen, higher oil prices and strong wage growth.

The yen slipped past 155 against the U.S. dollar on Thursday, touching a new 34-year low.

— Shreyashi Sanyal

SK Hynix posts first operating profit in four quarters, stock slides almost 3%

Shares of South Korean chipmaker SK Hynix slid almost 3% despite the company posting its highest operating profit in almost two years.

The chipmaker recorded 2.89 trillion South Korean won ($2.1 billion) in operating profit for the first quarter of 2024, a 734% jump year on year, with net profit coming in at 1.92 trillion won.

Revenue for the fourth quarter came in at 12.43 trillion won, an all-time quarterly high.

SK Hynix explained that this was due to an increase in the sales of AI server products, "backed by its leadership in AI memory technology."

The company also added that it "believes that it has entered the phase of a clear rebound, following a prolonged downturn."

— Lim Hui Jie

South Korea first quarter GDP climbs 3.4%, fastest quarterly growth since Q4 2021

South Korea posted GDP growth of 3.4% in the first quarter, beating the 2.4% expected by economists polled by Reuters and marking its highest quarterly growth since the fourth quarter of 2021.

On a quarter on quarter basis, GDP rose 1.3%, also beating Reuters expectations of 0.6%.

Exports from South Korea in the first quarter rose by 0.9%, as exports of IT items, such as cellular phones, increased. Imports contracted by 0.7%, owing to decreased imports of electronic equipment.

— Lim Hui Jie

iCapital's Anastasia Amoroso sees S&P 500 ending at 5,500 this year

iCapital chief investment strategist Anastasia Amoroso believes that there's a good chance the S&P 500 could rise to 5,500 by year's end.

The broader market index closed at 5,071.63 on Wednesday afternoon. This target would mark an 8% increase for the benchmark.

"I think investors are getting another entry point here that's quite attractive," she said on CNBC's "Closing Bell" on Wednesday afternoon. Amoroso specifically highlighted semiconductor stocks for their potential to outperform going forward.

As catalysts for an encouraging equities backdrop, the strategist cited strong corporate earnings and consumer spending, alongside a pickup in global manufacturing momentum.

— Lisa Kailai Han

Stocks making the biggest moves after the bell: Meta, IBM and more

These are the stocks moving the most in extended trading hours:

• Meta Platforms — Shares of the tech titan plummeted about 12% after the parent company of Facebook issued lighter-than-expected second-quarter revenue guidance.
• International Business Machines — The global information technology company slid 6.6% afterhours. First-quarter revenue of $14.46 billion missed consensus estimates of $14.55 billion, LSEG said.
• Chipotle Mexican Grill — Shares of the burrito chain rose more than 3% after posting first-quarter profits that were well above analyst estimates.

— Lisa Kailai Han

Stock futures open lower

Stock futures opened lower on Wednesday night.

Dow futures slipped around 0.3% shortly after 6 p.m. ET. S&P 500 futures lost 0.7%, while Nasdaq 100 futures fell nearly 1.2%.

— Lisa Kailai Han