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DJIA Futures: -65 (-0.2%)

SPX Futures: -14 (-0.3%)

NASDAQ Futures: -84 (-0.5%)

Good morning friends!

Futures are slipping as Wall Street looks set to extend Wednesday’s losses and traders wait for big tech earnings after the close.

Let’s get right to it!

Weekly Jobless Claims Inch Higher

Weekly jobless claims rose slightly last week in a continued sign of strength for the labor market.

The Labor Department reported 227,000 Americans filed initial claims for unemployment benefits last week.

That was up by 6,000 from the previous week and in line with expectations.

Continuing claims rose by 21,000 to 1.7 million in the week ending July 22.

Qualcomm (QCOM) shares are tumbling 9.2% ahead of the open after reporting mixed Q3 results and issuing weak guidance.

Here’s how the chipmaker’s results compared to analysts’ estimates:

Net income dropped 52% year over year.

Qualcomm forecast Q4 EPS between $1.80 and $2 on revenue between $8.1 billion and $8.9 billion.

Analysts were anticipating guidance of $1.91 in EPS on $8.7 billion in revenue.

PayPal (PYPL) shares are dropping 8.8% in premarket trade after missing Q2 profit expectations and falling short on a key margin metric.

Here’s how the digital payments company’s results compared to analysts’ estimates:

PayPal reported an adjusted operating margin of 21.4% in the quarter, below its previous guidance for 22%.

The company attributed that miss to lower than anticipated revenue in its credit portfolio.

The CFO said PayPal expects continued pressure on transaction-margin performance in Q3 before conditions improve in Q4.

Shopify (SHOP) shares are down 3.5% ahead of the open despite beating Q2 expectations on the top and bottom line.

Here’s how the e-commerce platform’s results compared to analysts’ estimates:

Revenue was up 31% year over year.

Gross merchandise volume also jumped 17% to $55 billion vs $53.5 billion expected.

Shopify forecast Q3 revenue growth in the low 20s vs analysts’ estimates for 18% growth.