Dow set for 100 point-plus decline as volatile trading continues, but Netflix will boost Nasdaq

U.S. stock index futures pointed in different directions on Wednesday as volatile trading continues through the start of the latest earnings season.

At around 8:25 a.m. ET, Dow Jones Industrial Average futures fell 131 points, indicating a drop 135.42 points at the open. S&P 500 futures also pointed to a lower open. Nasdaq 100 futures bucked the downward trend, pointing to a 0.3 percent gain after strong earnings from Netflix.

Netflix shares were up 10 percent in the premarket after the streaming giant posted third-quarter earnings that easily beat expectations. The big beat was driven by stronger-than-expected subscriber growth in both the U.S. and overseas.

J.P. Morgan said in a note the company is "back on track" following the release of its latest results. "While quarters can be lumpy, the bigger picture path is consistent, & we continue to believe there is significant growth potential ahead," J.P. Morgan said.

CSX and Cree also reported better-than-expected earnings Tuesday after the close, while M&T Bank and U.S. Bancorp's results topped estimates Wednesday before the bell.

However, IBM reported mixed quarterly results, with earnings topping estimates and revenue missing. The results sent the company's stock down by more than 5 percent.

Overall, the earnings season is off to a good start. Of the S&P 500 companies that have reported thus far, 89.8 percent have topped analyst expectations, according to FactSet.

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