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News

US Stock Futures Down; Big Tech Earnings In Focus

Author: Lisa Levin | October 25, 2022 06:02am

Pre-open movers

U.S. stock futures traded lower in early pre-market trade on Tuesday after recording gains in the previous session. The Dow Jones jumped by more than 400 points on Monday after all the three major indices recorded their best week since June.

The S&P Corelogic Case-Shiller home price index for August is scheduled for release at 9:00 a.m. ET. Analysts expect see the monthly rate declining 0.8% in August following a 0.4% drop in July. The FHFA house price index for August will be released at 9:00 a.m. ET, while the Conference Board's consumer confidence index for October and Richmond Fed's manufacturing index for October will be released at 10:00 a.m. ET.

Investors are awaiting earnings results from General Motors Company (NYSE:GM), The Coca-Cola Company (NYSE:KO), General Electric Company (NYSE:GE), Microsoft Corporation (NASDAQ:MSFT) and Alphabet Inc. (NASDAQ:GOOG).

Check out this: Avis Budget, Scholastic And Other Big Gainers From Monday

Futures for the Dow Jones Industrial Average dropped 135 points to 31,410.00 while the Standard & Poor’s 500 index futures slipped 14.75 points to 3,794.50. Futures for the Nasdaq index fell 26 points to 11,452.75.

Commodities

Oil prices traded lower as Brent crude futures fell 1.2% to trade at $90.11 per barrel, while US WTI crude futures fell 1.4% to trade at $90.11 a barrel. The API’s data on crude oil stocks will be released today.

Gold futures fell 0.5% to trade at $1,646.60 an ounce, while silver traded down 1.7% at $18.865 an ounce on Tuesday.

 

A Peek Into Global Markets

Europe Markets

European markets were mixed today. The STOXX Europe 600 Index fell 0.1%, London’s FTSE 100 fell 0.7% while Spain’s IBEX 35 Index rose 0.3%. The French CAC 40 Index rose 0.1%, while German DAX dropped 0.8%.

The Ifo Business Climate indicator for Germany fell to 84.3 in October, recording the weakest level since May 2020, while producer prices in Spain surged 35.6% year-over-year in September.


Asia-Pacific Markets

Asian markets traded mixed today. Japan’s Nikkei 225 rose 1.02%, China’s Composite Index fell 0.04%, while Hong Kong’s Hang Seng Index fell 0.1%. Australia’s S&P/ASX 200 rose 0.3%, while India’s S&P BSE Sensex dropped 0.4%.

Hong Kong’s trade deficit widened to $44.9 billion in September from $42.4 billion in the year-ago month.

 

Broker Recommendation

SVB Leerink downgraded Myovant Sciences Ltd. (NYSE:MYOV) from Outperform to Market Perform and raised the price target from $23 to $27.


Myovant Sciences shares fell 0.2% to $26.75 in pre-market trading.

Check out this: Market Volatility Increases Ahead Of Big Earnings Results

 

Breaking News

 

  • Portland General Electric Company (NYSE:POR) reported better-than-expected earnings for its third quarter.
  • AstraZeneca PLC (NASDAQ:AZN) said MESSINA Phase III trial did not meet one of the two dual-primary endpoints.
  • Novartis AG (NYSE:NVS) reported a core EPS of $1.58 in Q3 FY22 compared to $1.71 a year ago, beating the consensus of $1.57.
  • SAP SE (NYSE:SAP) posted stronger-than-expected revenue for its third quarter.

Check out other breaking news here

Posted In: AZN GE GM GOOG KO MSFT MYOV NVS POR SAP

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