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U.S. stock futures rose modestly on Wednesday, in the wake of another record-setting session, as investors got ready to absorb a huge batch of earnings from McDonald’s Corp. and 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
YM00,
+0.04%
rose 0.1% to 35,697 -
S&P 500 futures
ES00,
+0.04%
rose 0.1% to 4,569.71 -
Nasdaq-100 futures
NQ00,
+0.13%
edged up 0.2% to 15,569
On Tuesday, the Dow Jones Industrial Average
DJIA,
rose 16 points, or 0.04%, to 35757, the S&P 500
SPX,
increased 8 points, or 0.18%, to 4575, and the Nasdaq Composite
COMP,
gained 9 points, or 0.06%, to 15236.
What’s driving the market?
The Dow and S&P 500 marked fresh records on Tuesday, as investors continue to push inflation and economic concerns to the side to focus on 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.
A heavy calendar is ahead for Wednesday, with Boeing
BA,
McDonald’s
MCD,
Coca-Cola Co.
KO,
and General Motors Co.
GM,
among those scheduled to report results ahead of the market open. Ford Motor Co.
F,
and eBay Inc.
EBAY,
will report after the close.
A busy late session on Tuesday delivered results for several big tech companies, with Microsoft Corp.
MSFT,
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
GOOGL,
reported earnings that topped estimates amid resilient advertising sales. Its shares were slightly lower.
Read: Apple’s ‘ad-mageddon’ is affecting Snap, Facebook, Google and Twitter differently
Economic data on tap include durable and core capital goods orders, factory orders and trade in goods, all for September and due at 8:30 a.m. Eastern Time.
Oil prices were under pressure, with U.S.
WBS.1,
and Brent crude
BRN00,
futures down more than 1% each to $83.48 a barrel and $84.80 a barrel, respectively.
Elsewhere, Sino-U.S. tensions were in focus after the Federal Communications Commission gave China Telecom
728,
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?
-
Shares of Robinhood Markets Inc.
HOOD,
+1.44%
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. -
Shares of Texas Instruments Inc.
TXN,
-1.61%
fell nearly 4%, after the chip maker’s third-quarter results met Wall Street forecasts. It also noted “hot spots” of components shortages. -
Visa Inc.
V,
-0.88%
shares fell over 2% in premarket, after the credit-card company topped earnings expectations but disappointed some over its revenue outlook.
