US pre-open: Futures lower following Alphabet, AMD earnings
By Iain Gilbert
Date: Wednesday 05 Feb 2025
(Sharecast News) - Wall Street futures were in the red ahead of the bell on Wednesday following mixed quarterly results overnight from tech giants Alphabet and AMD.
As of 1250 GMT, Dow Jones futures were down 0.10%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.46% and 0.83% weaker, respectively.
The Dow closed 134.13 points higher on Tuesday, reversing losses recorded in the previous session as the new White House administration's tariff threats remained in focus.
Google parent company Alphabet was in the red in pre-market trading after posting a quarterly earnings miss due to weaker-than-expected cloud sales, while chipmaker AMD traded higher thanks to a Q4 earnings beat and strong forward guidance.
These figures come as tensions between China and the US heat up after Donald Trump slapped a 10% levy on Chinese imports. China then retaliated with tariffs of up to 15% on US goods.
Elsewhere in the corporate space, Disney posted Q1 earnings that came in ahead of expectations but revealed it expected to see another "modest decline" in streaming subscribers in Q2.
On the macro front, mortgage applications rose by 2.2% week-on-week, according to the Mortgage Bankers Association of America, reversing the prior week's 2% drop. Applications to refinance a mortgage jumped 12%, while applications to purchase a home sank by 4%.
Still to come, ADP employment change figures will be published at 1315 GMT, while the S&P Global's January composite and services PMIs will follow at 1445 GMT, and the Institute for Supply Management's January services PMI will be released at 1500 GMT.
Reporting by Iain Gilbert at Sharecast.com
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