Stock futures were trading higher in the premarket hours of Thursday as market participants digested the Federal Reserve’s interest rate decision and a slate of mega-cap tech earnings.
Here are some of Thursday’s biggest stock movers:
Biggest stock gainers
- International Business Machines (IBM) +8% – Shares jumped after the company posted Q4 results and 2026 guidance that topped expectations. Free cash flow rose 23% YoY to $7.55B, beating estimates, while IBM said its generative AI book of business now exceeds $12.5B. Software delivered double-digit growth, and Infrastructure also posted double-digit gains driven by strong adoption of the next-generation mainframe. Looking ahead, IBM guided to over 5% constant-currency revenue growth in 2026 and about $1B in incremental free cash flow, above Street forecasts.
- Meta Platforms (META) +7% – Shares surged after the company delivered a strong Q4 with top-line growth of 24% Y/Y and issued an upbeat Q1 revenue outlook of $53.5B–$56.5B vs. a consensus of $51.4B. Operating income increased 6% despite margins compressing as costs surged, driven by heavy AI and infrastructure investment. Meta lifted its 2026 capex outlook to $115B–$135B but said operating income in 2026 should still exceed 2025 levels, easing concerns around spending discipline.
- Tesla (TSLA) +3% – Shares rose following a Q4 top and bottom-line beat and optimistic commentary on Cybercab, robotaxi, and robotics overshadowing a sequential revenue dip. A sharp decline in automotive sales was partly offset by a 25% jump in energy generation and storage, driven by Megapack. Automotive gross margins improved sequentially, even excluding regulatory credits. Management also highlighted progress on Optimus, with the Gen 3 version expected to be unveiled in Q1 with major upgrades.
Biggest stock losers
- Las Vegas Sands (LVS) -10% – Shares plunged despite a Q4 revenue and EPS beat, as investors reacted to a sharp miss in Macao EBITDA margins, which declined 390 bps. While Singapore delivered record results, sentiment was weighed down by structural weakness in Macao, where margins remain under pressure amid intense competition in premium segments. Management said it is refining strategy and targeting margin recovery in 2026 while reaffirming its commitment to share buybacks, long-term asset investment, and operational discipline.
- Microsoft (MSFT) -6% – Shares slid despite beating estimates in FQ2, as investors focused on slowing cloud growth. The company earned $4.14 per share as revenue rose 17% Y/Y to $81.27B. Intelligent Cloud revenue came in at $32.91B, with Azure growth easing to 39% from 40% last quarter. Total cloud revenue was $51.5B, while Productivity and Business Processes beat expectations, but More Personal Computing slightly missed, adding to the cautious reaction.
- ServiceNow (NOW) -5% – Shares slipped despite a strong quarter and upbeat guidance. The company forecast Q1 subscription revenue of $3.65B–$3.66B, above expectations, and full-year revenue of $15.53B–$15.57B, also ahead of consensus. ServiceNow approved a $5B buyback and is launching a $2B accelerated repurchase. It also expanded its partnership with Anthropic to embed Claude models deeper into its AI platform.