Q3 Earnings Alert! Plan early for this week’s stock reports with all key data in 1 placeSee list

Dow Futures Slide 130 Pts as Investors Await Big Tech Earnings

Published 2022/10/25, 13:08
© Reuters
DJI
-
BA
-
CVX
-
MSFT
-
F
-
MMM
-
GOOGL
-
AAPL
-
AMZN
-
XOM
-
GE
-
UPS
-
ESZ24
-
1YMZ24
-
NQZ24
-
IXIC
-
META
-
GOOG
-
SNAP
-

By Noreen Burke

Investing.com -- U.S. stock futures were pointing to a slightly lower open on Wall Street on Tuesday as investors awaited high profile earnings from some big tech names which should give insight into the health of the economy.

At 06:54 ET (10:54 GMT), the Dow futures contract was down 130 points, or 0.4%, S&P 500 futures traded 13 points, or 0.3%, lower, and Nasdaq 100 futures edged down 0.1%.

The main U.S. indices rose broadly on Monday after data showing that U.S. business activity contracted for a fourth straight month raised hopes that the effects of the Federal Reserve’s aggressive rate hikes aimed at cooling the economy are beginning to take hold, which in turn raised hopes that the central bank could begin slowing the pace of the hikes.

Third quarter earnings season is due to ramp up this week with a slew of heavy-hitting tech and industrial companies reporting.

Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) are both due to report on Tuesday, followed by Meta Platforms (NASDAQ:META) on Wednesday. Apple (NASDAQ:AAPL) and Amazon (NASDAQ:AMZN) will wrap up the FAANGs on Thursday.

Google-owner Alphabet will be under the spotlight amid worries about the impact of inflation on its advertising revenue growth after Snapchat owner Snap (NYSE:SNAP), the first major social media company to release its quarterly earnings, warned that it would see no revenue growth in the normally busy holiday quarter.

Microsoft is expected to post its slowest quarterly revenue growth in over five years, amid some concerns over its outlook amid PC market slowdowns and a strong dollar.

Major industrials are also expected to report earnings this week, including Boeing (NYSE:BA), Ford (NYSE:F), 3M (NYSE:MMM), Chevron (NYSE:CVX) and Exxon Mobil (NYSE:XOM).

Investors will be keen to see how these corporate bellwethers are performing against a backdrop of soaring inflation and the Fed’s aggressive rate hike path.

Shares in United Parcel Service (NYSE:UPS) were higher in premarket trade after the logistics giant reported a rise in third quarter adjusted profit as higher delivery prices offset softening e-commerce demand.

Shares in General Electric (NYSE:GE) fell after it reported a 19% drop in adjusted quarterly profit amid struggles with company-wide supply chain issues, inflationary pressures, and weakness in its renewable energy business.

Economic data due later in the day includes the CB consumer confidence report for October and the Richmond Fed manufacturing index, while Fed governor Christopher Waller is also to speak.

--Reuters contributed to this report

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.