US pre-open: Futures mixed following Target and Lowe's earnings
By Iain Gilbert
Date: Wednesday 17 Nov 2021
(Sharecast News) - Wall Street futures were pointing to a mixed open ahead of the bell on Wednesday as investors thumbed over earnings from more of the country's largest retailers.
As of 1200 GMT, Dow Jones and S&P 500 futures were down 0.09% and 0.06%, respectively, while Nasdaq-100 futures had the index opening 0.09% higher.
The Dow Jones closed 54.77 points higher on Tuesday as a better-than-expected retail sales report gave sentiment a boost.
Retailers will again be in focus on Wednesday, with market participants digesting quarterly earnings from two of the nation's biggest firms.
Target topped earnings estimates for its fiscal third quarter, driven by Halloween and back-to-school sales, but shares slipped in pre-market after the big-box retailer said it had absorbed higher costs instead of passing them on to customers in a move that could potentially squeeze margins, while home improvement outfit Lowe's also got a shot in the arm after posting earnings that easily beat expectations on the Street and raised its full-year sales forecast.
Elsewhere in the corporate space, chipmaker Nvidia and audio products manufacturer Sonos will both report earnings after the close.
Visa shares slumped after Amazon stated it would cease to accept payments made via its UK-issued credit cards from 2022, while Boeing was in the green after the company received a $9.0bn order from Alaska Air for its 737 MAX aircraft.
On the macro front, the Mortgage Bankers Association will publish its weekly mortgage applications report at 1200 GMT, while building permits and housing starts data for October will follow at 1330 GMT.
Federal Reserve members Michelle Bowman, Loretta Master, Mary Daly, Chris Waller, Charles Evans and Raphael Bostic will all deliver speeches throughout the course of the day.
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