Stock futures moved lower on Thursday

Stock futures moved lower on Thursday after Snap (SNAP) disappointed in its first earnings report since going public.

S&P 500 futures were down 0.16%, Dow Jones Industrial Average futures fell 0.1%, and Nasdaq futures slid 0.1%.

Snap tanked 20% in premarket trading after reporting a massive quarterly loss. The owner of disappearing message app Snapchat reported a loss of $2.31 a share, far wider than an expected loss of 19 cents. Daily active users rose 5% to 8 million over the three months to March.

Snap attributed the loss in the first quarter to $2 billion worth of compensation-related expenses tied to its initial public offering in March. Of those expenses, CEO Evan Spiegel received a $750 million bonus for taking the company public.

Daily active users, a closely watched number in the report, grew 5% quarter over quarter to 166 million, compared to analysts' projected 168 million. Despite being lower than expected, Snap's user growth improved compared with the fourth quarter, when its DAUs grew 4% quarter over quarter. Still, Snap's user numbers pale in comparison to Facebook, arguably Snap's biggest rival, which just said it reached nearly 2 billion monthly users.

Straight Path Communications (STRP) confirmed that it had agreed to be acquired by Verizon (VZ) in a deal worth $3.1 billion. Verizon's deal to buy Straight Path for $184 a share puts the company at a steep discount to its Wednesday close of roughly $223 a share. Straight Path will terminate a previous deal to be acquired by AT&T (T) for $1.6 billion. Straight Path had agreed to that deal in April.

Wall Street closed mixed on Wednesday after Donald Trump's firing of FBI Director James Comey wrapped the White House in another controversy, worrying investors holding out for progress on Trump's business-friendly agenda. The White House pointed to Comey's handling of the investigation into former Democratic presidential candidate Hillary Clinton's private email server as reason for the firing. However, Trump frequently praised Comey's decision to go public with details of the investigation on the campaign trail.

The S&P 500 and the Nasdaq both narrowly set new record closes on Wednesday. The Nasdaq has seen record closes for four sessions in a row as volatility held at its lowest level in more than two decades. The tech-heavy index has closed at records 31 times so far this year. The Volatility Index, often referred to as the fear index, was trading at 10, its lowest since early 1994.

Cutting off global lines and employing protectionist trade policies will only hurt the global economy, New York Federal Reserve President William Dudley warned on Thursday morning. Speaking at the Bombay Stock Exchange in India Thursday, Dudley said that countries need to "compete better, not compete less" and that "trade barriers are a very expensive way to preserve jobs in less competitive or declining industries." Trump has pledged to renegotiate a number of previous trade deals with some of the U.S.'s largest trading partners and allies.
Cocktails & Cramer