US pre-open: Futures in the red as earnings roll in
By Iain Gilbert
Date: Tuesday 26 Apr 2022
(Sharecast News) - Wall Street futures were in the red ahead of the bell on Tuesday as investors digested quarterly earnings from a number of big-name firms.
As of 1220 BST, Dow Jones futures were down 0.30%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.29% and 0.31% weaker, respectively.
The Dow closed 238.06 points higher on Monday as major indices attempted to put a stop to a recent sell-off that has seen the blue-chip index put on a losing performance in four-straight weeks.
In the corporate space, Twitter chief executive Parag Agrawal has told employees that the social media giant faces an uncertain future after it agreed to be acquired by billionaire Elon Musk in a deal worth $44.0bn.
He was initially offered a seat on the board but instead made a bid for the entire company, which Twitter's board accepted on Monday. The cash offer of $54.20 per share is a 38% premium to the closing price on 1 April, the last trading day before Musk acquired his 9% stake.
In terms of earnings, General Electric posted a first-quarter earnings and revenue beat ahead of the opening bell but warned the FY earnings would be towards the lower end of previous guidance, while PepsiCo also reported quarterly earnings and revenue that topped expectations as consumers paid more for Doritos, Quaker oatmeal and Gatorade products.
UPS also beat earnings estimates with EPS of $3.05 on $24.4bn in sales, while 3M posted better-than-expected first-quarter earnings on a net income of $1.29bn, down from $1.62bn in the year-earlier period, and Raytheon Technologies revealed it was on track for a fourth-straight loss, after the aerospace and defence company provided mixed guidance as it missed on Q1 revenues despite beating on profits
Still to come, Alphabet, Microsoft, Chubb, Chipotle, Visa, and General Motors will all report their most recent quarterly results after the close.
On the macro front, March's durable goods orders will be released at 1330 BST, while February's house price index will follow at 1400 BST and March's new home sales figures and April's consumer confidence report will be published at 1500 BST.
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