---
title: "U.S. Stock Market Outlook | Three Major Index Futures Decline, Intel to Release Earnings After Hours"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/283832257.md"
description: "On April 23, U.S. stock index futures all fell, with Dow futures down 0.35%, S&P 500 futures down 0.14%, and Nasdaq 100 futures down 0.14%. At the same time, the German DAX index fell 0.34%, and the UK FTSE 100 index fell 0.52%. WTI crude oil rose 0.19%, reported at $93.14 per barrel. Wall Street strategist Ed Yardeni believes that U.S. stocks will not return to the March lows and stated that now is a good time to buy technology stocks. Bank of America warned that the inflation indicator choice of Federal Reserve Chair nominee Waller could affect credibility"
datetime: "2026-04-23T12:32:01.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/283832257.md)
  - [en](https://longbridge.com/en/news/283832257.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/283832257.md)
---

# U.S. Stock Market Outlook | Three Major Index Futures Decline, Intel to Release Earnings After Hours

1.  On April 23rd (Thursday) before the US stock market opened, the three major US stock index futures all fell, with Dow futures down 0.35%, S&P 500 futures down 0.14%, and Nasdaq 100 futures down 0.14%.

![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260423/1776946975128546.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

1.  As of the time of writing, the German DAX index was down 0.34%, the UK FTSE 100 index was down 0.52%, the French CAC 40 index was up 0.61%, and the Euro Stoxx 50 index was down 0.41%.

![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260423/1776946963968836.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

1.  As of the time of writing, WTI crude oil was up 0.19%, priced at $93.14 per barrel. Brent crude oil was up 0.16%, priced at $101.75 per barrel.

![image.png](https://imageproxy.pbkrs.com/https://img.zhitongcaijing.com/image/20260423/1776946946211558.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg)

## Market News

**Iranian sources: Breakthrough in Iran-US negotiations may occur "tonight or tomorrow."** An Iranian diplomatic source told RIA Novosti on the 23rd that preparations for negotiations between Iran and the United States in Pakistan may achieve a breakthrough "tonight or tomorrow."

**Wall Street veteran Yardeni: War risks are far from over, but US stocks will not return to March lows.** Veteran Wall Street strategist Ed Yardeni has observed market cycles long enough to know when panic is peaking. When the S&P 500 index fell more than 9% from its historical high, and President Trump appeared increasingly eager to end the Middle Eastern war that triggered the sell-off, he became convinced that the US stock market was ready for a rebound. On March 31st, the day after the market hit bottom, Yardeni informed clients that this round of adjustment was over. A few days later, he stated that now was a good time to buy battered tech stocks.

**"Trimmed average" inflation indicator as a breakthrough for interest rate cuts? Bank of America warns: Walsh's "selective use of data" may harm credibility.** Kevin Walsh, the next Federal Reserve chairman nominated by President Trump, stated during his Senate confirmation hearing on Tuesday that he hopes to change the way the central bank measures inflation. Walsh expressed a preference for using the "trimmed average" inflation indicator rather than the core Personal Consumption Expenditures (PCE) price index traditionally used by the Fed. Walsh stated, "What I care most about is what the underlying inflation rate is. We strip out all tail risks, all one-time factors, and then assess whether the general price changes are having second-order effects on the economy." Walsh specifically mentioned and praised the "trimmed average" inflation indicator, which is based on the Personal Consumption Expenditures price index, aiming to filter out temporary noise by regularly excluding the most extreme price fluctuations of certain categories in a given month to reveal a purer inflation trend

## Individual Stock News

**Earnings Preview | Musk and Google's endorsement creates a $340 billion valuation, will Intel (INTC.US) Q1 earnings report be a dream come true or a bubble warning?** As Intel is set to announce its Q1 2026 earnings report after the U.S. market closes on April 23 (Thursday), a harsh "performance test" is about to unfold. With the stock price already reflecting extremely optimistic expectations, investors are facing a core question: Can the recovery of fundamentals keep pace with the extravagant valuations? Currently, the market generally expects Intel's Q1 revenue to be $12.32 billion, a year-on-year decline of about 2.75%, with earnings per share of about $0.01. In fact, amidst the cheers, a closer look at Intel's actual operational guidance reveals that risk signals have already lit up. When the company announced its Q4 earnings last January, management provided a concerning outlook for Q1: revenue is expected to be between $11.7 billion and $12.7 billion, significantly down from $13.7 billion in Q4 of last year.

**Tesla (TSLA.US) Q1 earnings exceed expectations, free cash flow unexpectedly turns positive, Musk announces plans to "significantly increase investment," aiming for an annual production of one million Optimus units.** Tesla's Q1 revenue was $22.387 billion, a year-on-year increase of 16%, slightly below the market expectation of $22.792 billion; adjusted earnings per share were $0.41, higher than $0.27 in the same period last year and the market expectation of $0.34. This marks Tesla's second consecutive quarter of earnings exceeding expectations. The earnings report shows that in terms of profitability, the company's GAAP net profit was $477 million, a year-on-year increase of 17%; GAAP earnings per share rose from $0.12 in the same period last year to $0.13. This quarter, cash flow unexpectedly turned positive. In the first three months of 2026, Tesla's capital expenditures were less than $2.5 billion, about half of the average quarterly expenditure needed to achieve the annual spending target.

**IBM (IBM.US) Q1 performance exceeds expectations but fails to eliminate "AI disruption" concerns: overall and software revenue growth both slow down, maintaining full-year guidance unchanged.** Previously, IBM reaffirmed its full-year performance forecast, despite its Q1 results exceeding Wall Street expectations. The company failed to alleviate investor concerns about the potential impact of artificial intelligence on its business. In a statement on Wednesday, the company reported that for the quarter ending March 31, software revenue grew by 11% to $7.05 billion, slightly above the expected $7.02 billion. Total revenue grew by 9% to $15.9 billion, exceeding the average analyst expectation of $15.7 billion. Adjusted earnings per share were $1.91, also higher than expected. IBM's Q1 revenue growth rate was lower than the 12.2% increase in the previous quarter.

**Another unexpected report! Lam Research (LRCX.US) Q3 performance and guidance both exceed expectations, with revenue from mainland China accounting for 34%, still the highest.** For the third fiscal quarter ending March 29, Lam Research's revenue grew by 24% year-on-year to $5.84 billion, better than the analyst expectation of $5.75 billion; adjusted earnings per share were $1.47, also better than the analyst expectation of $1.37. By business segment, system business revenue grew by 23% to $3.73 billion; Revenue from customer service and other businesses was $2.11 billion, a year-on-year increase of 25%. By region, revenue from mainland China accounted for 34%, down from 35% in the previous quarter; South Korea and Taiwan each accounted for 23%, up from 20% in the previous quarter. The adjusted gross margin was 49.9%, higher than 49% in the same period last year. Looking ahead to the fourth fiscal quarter, Lam Research expects adjusted earnings per share to be between $1.50 and $1.80, with revenue between $6.2 billion and $7 billion.

**Texas Instruments (TXN.US) continues its recovery trend! Q1 performance flourishes, data center revenue surges 90%, Q2 guidance crushes market expectations.** Texas Instruments' Q1 revenue grew 19% year-on-year to $4.83 billion, better than the analyst consensus estimate of $4.52 billion; operating profit was $1.808 billion, a 37% increase year-on-year; net profit was $1.545 billion, a 31% increase year-on-year; earnings per share grew 31% year-on-year to $1.68, better than the analyst consensus estimate of $1.38. The analog chip giant expects Q2 revenue to be between $5 billion and $5.4 billion, significantly better than the analyst consensus estimate of $4.85 billion; it expects Q2 earnings per share to be between $1.77 and $2.05, also significantly better than the analyst consensus estimate of $1.57. By business segment, the company's core analog chip business achieved revenue of $3.924 billion in Q1, a year-on-year increase of 22%.

**Middle East conflict drags down subscription revenue growth, AI disruption concerns persist, ServiceNow (NOW.US) Q1 performance only meets expectations, failing to convince the market.** ServiceNow's Q1 revenue grew 22% year-on-year to $3.77 billion, slightly above the analyst consensus estimate of $3.74 billion. By business segment, subscription revenue grew 22% year-on-year to $3.671 billion; professional services and other revenue grew 18.5% year-on-year to $99 million. In terms of profitability, net profit was $469 million; adjusted earnings per share were $0.97, slightly above the analyst consensus estimate of $0.96. The company reported better-than-expected Q1 results and raised its full-year guidance. However, it noted that conflicts in the Middle East have dragged down subscription revenue growth, coupled with ongoing market skepticism about the prospects of enterprise software in the AI era, cooling investor sentiment.

**Traditional business recovery + AI business explosion, STMicroelectronics (STM.US) Q1 performance and guidance exceed expectations.** STMicroelectronics' Q1 performance exceeded expectations, and it expects further growth in Q2. Data shows that the company's Q1 revenue grew 23% year-on-year to $3.1 billion, better than the analyst estimate of $3.04 billion; non-GAAP operating profit was $171 million, also better than the analyst estimate of $165.8 million. By segment, the Analog, Power and Discrete, MEMS and Sensors (APMS) product division generated revenue of $1.707 billion, a year-on-year increase of 16.4%; the MCU series products, Digital Integrated Circuits and RF Products (MDRF) product division generated revenue of $1.384 billion, a year-on-year increase of 32.1% The company also predicts that revenue in the second quarter will reach $3.45 billion, a quarter-on-quarter increase of 11.6% and a year-on-year increase of 24.9%, exceeding the market expectation of $3.21 billion.

**AI transformation shows initial results! Nokia (NOK.US) Q1 earnings exceed expectations, with optical network business sales up 56% year-on-year.** Nokia's net sales in the first quarter increased by 3% year-on-year to €4.5 billion, below the average analyst expectation of €4.6 billion. In terms of profit, the adjusted operating profit for the quarter was €281 million, a year-on-year increase of 54%, better than the average analyst expectation of €244 million; the profit for the quarter was €295 million, a staggering year-on-year increase of 93%; the adjusted earnings per share were €0.05, a year-on-year increase of 67%. The network infrastructure department, covering AI data center connectivity business, saw sales increase by 12% year-on-year to €1.829 billion; among them, the optical network business sales increased by 56% year-on-year to €821 million. The mobile infrastructure department, covering traditional mobile device business, saw sales decrease by 3% year-on-year to €2.495 billion.

**How long can it still "win by lying down" with Dupixent? Sanofi (SNY.US) performance report brings good news but cannot hide R&D anxiety, stock price under pressure waiting for new CEO to break the situation.** French pharmaceutical giant Sanofi released its Q1 2026 financial report on Thursday. Thanks to the continued strong demand for its core product Dupixent, the company's revenue and profit both exceeded market expectations, providing a "welcome gift" for the new CEO Belén Garijo, who will officially take office at the end of the month. However, market focus has quickly shifted to how Garijo will address the strategic challenges of a gap in the R&D pipeline and the upcoming patent expiration of Dupixent. For the first quarter ending March 31, Sanofi achieved total sales of €10.51 billion, higher than the average analyst expectation of €10.22 billion. The operating profit from business operations was €2.97 billion, also exceeding the market expectation of €2.85 billion. Excluding certain items, earnings per share were €1.88, better than the analyst expectation of €1.78.

**Musk makes a major announcement! Tesla (TSLA.US) plans to invest $3 billion to build a chip R&D factory, locking in Intel's (INTC.US) most advanced process.** Tesla CEO Elon Musk revealed that the company plans to invest approximately $3 billion to build a research and development chip factory in Texas, taking a key step towards large-scale layout in the chip manufacturing field. Musk also stated that the Terafab project will use Intel's most advanced 14A process technology, which is expected to make Tesla the first major customer of this cutting-edge technology.

**Novo Nordisk (NVO.US) oral GLP-1 drug trial for adolescents reaches primary endpoint, plans to file for new indication in the second half of 2026.** Novo Nordisk announced on Thursday that its oral GLP-1 drug significantly reduced blood sugar levels in children and adolescents with type 2 diabetes, achieving the primary goal of the late-stage trial. The Danish pharmaceutical company tested the pill on 132 patients aged 10 to 17 over a period of 26 weeks. The study showed that patients taking the drug had an average blood sugar level 0.83 percentage points lower than those taking a placebo, and the company stated that this difference is "statistically significant." This experiment is the first to test oral GLP-1 therapy in children and adolescents—these drugs are well-known for their bestselling treatments in the fields of diabetes and weight loss.

## Important Economic Data and Event Forecast

Beijing time 20:30: Initial jobless claims in the U.S. for the week ending April 18.

Beijing time 21:45: U.S. April SPGI Manufacturing PMI preliminary value.

The next day at Beijing time 04:30: U.S. Federal Reserve balance sheet for the week ending April 22.

## Earnings Forecast

Friday morning: Intel (INTC.US), SAP (SAP.US), Newmont Corporation (NEM.US)

Friday pre-market: Nomura (NMR.US)

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