Stock futures give up gains ahead of major earnings reports
GM, Ford, Boeing and Coca-Cola are due to report earnings
Market expert expects ‘disappointing’ tech earnings
‘Payne Points of Wealth’ podcast host Ryan Payne provides insight into Big Tech stocks and earnings.
U.S. equity futures turned lower ahead of some heavyweight corporate earnings releases.
The major futures indexes indicate a loss of 0.1%, the day after the S&P 500 reached its second new high in two days.
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General Motors, Ford Motor, Boeing and Coca-Cola were due to report Wednesday. Apple and Amazon follow on Thursday.
After the markets closed Tuesday, Alphabet Inc. said it earned $18.94 billion, or $27.99 per share, in the July-September period. Revenue rose 41% to $65.12 billion.
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Analysts polled by FactSet expected earnings of $23.73 per share on revenue of $63.53 billion. Shares slipped less than 1% to $2,763 in after-hours trading.
Twitter reported quarterly results that avoided the brunt of Apple Inc. privacy changes on advertising that hobbled its rivals, sending its shares up 3%.
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On the economic calendar, the Census Bureau is expected to say that new orders for manufactured big-ticket items fell a seasonally adjusted 1.1% month-over-month in September. If you factor out the transportation component, orders are anticipated to rise 0.4% in September, up slightly from August’s 0.3% bounce. Orders for core capital goods, a closely watched proxy for business spending, are seen jumping 0.5% in September.
In Europe, London's FTSE was off 0.3%, Germany's DAX lost 0.4% and France's CAC gave up 0.4%.
Asian stock markets fell Wednesday after Australian inflation increased, highlighting global pressure for prices to rise, while investors looked ahead to U.S. economic growth data due out this week.
The Nikkei 225 in Tokyo was off less than 0.1%, the Hang Seng in Hong Kong lost 1.6% and China's Shanghai Composite Index lost 0.9%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44860.31 | +123.74 | +0.28% |
| SP500 | S&P 500 | 6021.63 | +34.26 | +0.57% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19174.297336 | +119.46 | +0.63% |
On Wall Street, the S&P 500 rose 8.31 points to 4,574.79. The index is up 21.8% for the year. The Dow Jones Industrial Average added 15.73 points to 35,756.88. The Nasdaq composite added 9.01 points to 15,235.71.
UPS jumped 6.9% for the biggest gain in the S&P 500 on stronger third-quarter profits than expected due to higher shipping rates. Hasbro rose 3.2% after the maker of Transformers, My Little Pony and other toys reported solid financial results.
Chipmaker Nvidia rose 6.7%. Health care stocks and a mix of companies that rely on consumer spending for goods and services also made solid gains. UnitedHealth Group rose 1.2% and Amazon.com rose 1.7%.
Facebook slid 3.9% after giving investors a weak sales forecast.
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In energy markets, benchmark U.S. crude lost $1.48 to $83.18 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 89 cents on Tuesday to $84.65. Brent crude, the price basis for international oils, shed $1.15 to $85.23 per barrel in London. It closed 41 cents higher the previous session at $86.40.
The Associated Press contributed to this report.