Broadcom drops 3% despite 221% annual revenue growth

  • Broadcom fell 3% before the open despite reporting 221% annual revenue growth.
  • Nasdaq 100 futures dropped 0.6%, while Dow futures indicated a 0.2% gain.
  • Hewlett Packard Enterprise declined 4.3% after results missed expectations.

US equity futures were little changed Thursday as investors assessed corporate earnings against higher interest rates. S&P 500 futures were flat, while Dow futures implied a 0.2% gain and Nasdaq 100 futures a 0.6% decline. Broadcom fell 3% in premarket trading despite reporting 221% annual revenue growth in its latest fiscal quarter, as the chipmaker joined other producers that failed to reach the upper end of estimates. Nvidia, Sandisk and Marvell each lost more than 1%, while Hewlett Packard Enterprise dropped 4.3% after missing expectations. Broader indexes remained higher after bets on a Federal Reserve rate hike this month had weighed on markets earlier in the week. Treasury yields paused their recent advance despite fresh intervention by Tokyo in the yen market. Citi, Tesla and Lilly were each indicated to open about 1% higher.

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