Stock index futures flat ahead of Tesla results; Netflix drops on weak margins

[Wall Street sign, New York City, USA]
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Stock index futures were nearly flat on Wednesday, as traders looked forward to earnings reports from big companies, including Tesla (TSLA [https://seekingalpha.com/symbol/TSLA]) and assessed Netflix's (NFLX [https://seekingalpha.com/symbol/NFLX]) results.

S&P 500 futures (SPX [https://seekingalpha.com/symbol/SPX]) +0.1%, Nasdaq 100 futures (US100:IND [https://seekingalpha.com/symbol/US100:IND]) and Dow futures (INDU [https://seekingalpha.com/symbol/INDU]) were flat.

Wall Street closed in a mixed fashion on Tuesday as investors digested a slew of key earnings reports and now await the inflation report due on Friday.

"Most markets put in another steady performance yesterday... Several factors contributed, including some positive noises on the trade outlook, alongside decent earnings releases," Deutsche Bank's Henry Allen said.

Netflix stock (NASDAQ:NFLX) slipped about 7% in the wake of its third-quarter earnings report [https://seekingalpha.com/news/4506332-key-takeaways-from-netflixs-earnings-stock-dented-by-brazil-tax-issue], where the company posted revenue growth as expected but lower operating income and margins.

Gold and silver futures plummeted [https://seekingalpha.com/news/4506413-gold-and-silver-suffer-historic-one-day-drop-but-most-analysts-say-long-term-uptrend-remains] by the most in many years on Tuesday in a selloff that some analysts said was a function of profit-taking. However, it may not mark an end to a rally that has lifted prices to all-time highs.

"That sudden selloff in precious metals really captured the market headlines, but to be honest, there wasn’t a single catalyst that sparked the declines, and the big multi-year moves weren’t happening in other asset classes or commodities either," Allen added.

After the sharp decline in the gold price yesterday, the market has calmed somewhat. Some gold drivers—central bank purchases, lower U.S. rates, and weaker dollar expectations —still provide a level of support, UBS' Paul Donovan said.

Major earnings reports for the day include AT&T (NYSE:T) and International Business Machines (NYSE:IBM), among others.

The U.S. government shutdown continued to drag on.

On the economic side, the Atlanta Fed's Business Inflation Expectations will land during market hours.

MARKET SNAPSHOT AS OF OCTOBER 22, 2025 (4:30 AM ET)

CATEGORY
INSTRUMENT (TICKER)
LEVEL
CHANGE
% CHANGE

INDICES
Dow Futures (INDU [https://seekingalpha.com/symbol/INDU])
46,918.79
−5.95
−0.01%

S&P Futures (SPX [https://seekingalpha.com/symbol/SPX])
6,740.47
+5.12
+0.08%

Nasdaq Futures (US100:IND [https://seekingalpha.com/symbol/US100:IND])
25,123.44
−3.69
−0.01%

TREASURIES
U.S. 2-Year (US2Y [https://seekingalpha.com/symbol/US2Y])
3.46%
−0.002
−0.06%

U.S. 5-Year (US5Y [https://seekingalpha.com/symbol/US5Y])
3.57%
−0.007
−0.20%

U.S. 10-Year (US10Y [https://seekingalpha.com/symbol/US10Y])
3.97%
−0.009
−0.23%

U.S. 30-Year (US30Y [https://seekingalpha.com/symbol/US30Y])
4.55%
−0.001
−0.02%

COMMODITIES
Gold (XAUUSD:CUR [https://seekingalpha.com/symbol/XAUUSD:CUR])
4,108.17
−16.18
−0.39%

Silver (XAGUSD:CUR [https://seekingalpha.com/symbol/XAGUSD:CUR])
48.69
−0.03
−0.05%

Crude Oil (CL1:COM [https://seekingalpha.com/symbol/CL1:COM])
58.12
+0.88
+1.53%

CRYPTO
Bitcoin (BTC-USD [https://seekingalpha.com/symbol/BTC-USD])
108,372.73
+4.22
+0.00%

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