Nasdaq, S&P 500 Futures Lower Following Alphabet, Microsoft Earnings

Pre-open movers

U.S. stock futures traded mostly lower in early pre-market trade on Wednesday following earnings results from Alphabet Inc. GOOGL and Microsoft Corporation MSFT. The Dow Jones jumped by more than 300 points on Tuesday, while the Nasdaq climbed over 2.1%.

Data on international trade in goods for September will be released at 8:30 a.m. ET. The US goods deficit is projected to widen to $87.8 billion in September after narrowing to $87.3 billion in August. Data on wholesale inventories for September will be released at 8:30 a.m. ET. Analysts expect wholesale inventories rising 1.1% in the advance report for September compared to a 1.3% increase in August. Data on new home sales for September will be released at 10:00 a.m. ET.

Investors are awaiting earnings results from The Boeing Company BA, Meta Platforms, Inc. META, Ford Motor Company F, and General Dynamics Corporation GD.

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Futures for the Dow Jones Industrial Average gained 24 points to 31,901.00 while the Standard & Poor’s 500 index futures fell 19.50 points to 3,850.75. Futures for the Nasdaq index dipped 163 points to 11,550.50.

Commodities

Oil prices traded slightly higher as Brent crude futures rose 0.1% to trade at $91.82 per barrel, while US WTI crude futures rose 0.5% to trade at $85.71 a barrel. The American Petroleum Institute, on Tuesday, said crude inventory in the US rose 4.5 million barrels during the week ended 21st October. The Energy Information Administration’s weekly report on petroleum inventories in the U.S. will be released at 10:30 a.m. ET.

Gold futures rose 1.3% to trade at $1,679.10 an ounce, while silver traded up 2.1% at $19.755 an ounce on Wednesday.

 

A Peek Into Global Markets

Europe Markets

European markets were mixed today. The STOXX Europe 600 Index rose 0.1%, London’s FTSE 100 fell 0.3% while Spain’s IBEX 35 Index fell 0.2%. The French CAC 40 Index rose 0.3%, while German DAX gained 0.6%.

Loans to households in the Eurozone increased 4.4% year-over-year in September, while consumer confidence in France rose to 82 in October from 79 in September.

Asia-Pacific Markets

Asian markets traded higher today. Japan’s Nikkei 225 rose 0.67%, China’s Composite Index rose 0.78%, while Hong Kong’s Hang Seng Index climbed 1%. Australia’s S&P/ASX 200 rose 0.2%.

The index of coincident economic indicators in Japan rose to 101.8 in August from a final reading of 100.1 in the previous month, while index of leading economic indicators climbed to 101.3 in August compared to a final of 98.9 in July. The annual inflation rate in Australia rose to 7.3% in the third quarter from 6.1% in the prior quarter.

 

Broker Recommendation

JP Morgan downgraded Crown Holdings, Inc. CCK from Overweight to Neutral and lowered the price target from $115 to $71.

Crown Holdings shares fell 0.3% to $70.51 in pre-market trading.

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Breaking News

 

• Alphabet Inc. GOOG reported weaker-than-expected earnings results for its third quarter after the closing bell on Tuesday. YouTube and Network revenue were down on a year-over-year basis, bringing overall Google Ad revenue to $54.48 billion, up from last year’s $53.13 billion.
• Barclays PLC BCS reported Q3 EPS of £0.09, up from £0.08 in the year-ago period
• Microsoft Corporation MSFT posted better-than-expected earnings for its first quarter. Revenue for the Microsoft Cloud segment was $25.7 billion in the first quarter, up 24%% year-over-year.
• Bristol-Myers Squibb Company BMY posted stronger-than-expected earnings for its third quarter.

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