U.S. stock index futures slipped Wednesday, in the wake of another record-setting session, as investors absorbed a huge batch of earnings from McDonald’s Corp., Boeing Co. and more.
Tensions between Washington and Beijing were also in focus after U.S. regulators banned China Telecom Corp. from operating in the U.S.
How are stock-index futures trading?
Dow Jones Industrial Average futures
were up 9 points, or less than 0.1%, at 35,653.
S&P 500 futures
edged down 4 points, or 0.1%, at 4,561.25.
were of 20.75 points, or 0.1%, at 15,524.25.
On Tuesday, the Dow Jones Industrial Average
rose 16 points, or 0.04%, to 35757, the S&P 500
increased 8 points, or 0.18%, to 4575, and the Nasdaq Composite
gained 9 points, or 0.06%, to 15236.
What’s driving the market?
Stock index futures indicated the Dow and S&P 500 could struggle to hold on to fresh records reached Tuesday. Investors have pushed stocks higher and inflation and economic concerns to the side amid a mostly strong third-quarter reporting season.
“So far, nearly 30% of the S&P 500 has reported earnings. Eighty percent of the companies that have issued quarterly updates have surpassed profits projections, while eighty percent have beaten sales forecasts. Strong performances have been critical in propelling the major indexes to new highs,” said Naeem Aslam, chief market analyst at AvaTrade, in a note to clients.
Ahead of Wednesday morning’s heavy lineup of corporate results, several big tech companies reported earnings after Tuesday’s closing bell, with Microsoft Corp.
reporting quarterly earnings that shot over $20 billion for the first time. Shares rose over 2% in premarket trading.
Twitter Inc. TWTR shares rose nearly 2% in the premarket, after the microblogging social-media group added users, and reported a revenue rise. Google parent Alphabet Inc. GOOGL reported earnings that topped estimates amid resilient advertising sales. Its shares were slightly lower.
Boeing, McDonalds and General Motors all reported before the market opened Wednesday.
U.S. economic data on tap include September durable and core capital goods orders, factory orders and trade in goods due at 8:30 a.m. Eastern Time.
Elsewhere, Sino-U.S. tensions were in focus after the Federal Communications Commission gave China Telecom
60 days to leave the U.S. market. Regulators cited a potential national security threat from the company, such as the disruption of U.S. communications, amid rising tensions between the countries.
Which companies are in focus?
Boeing BA shares edged higher in premarket trade, despite the aerospace and defense company reporting a big loss and revenue misses amid weakness in the commercial airplanes and defense, space and security businesses, while free cash flow was a lot less negative than projected.
Shares of Coca-Cola Co. KO rose 2.9%, after the beverage giant reported third-quarter profit and revenue that rose topped expectations, with all geographic regions seeing revenue and unit case volume growth. It also raised its full-year earnings growth view.
Shares of Robinhood Markets Inc.
slid 10% in premarket trading, after the online trading platform reported a wider quarterly loss and lower-than-expected sales amid weak crypto-related revenue.