US pre-open: Futures trade lower ahead of Alphabet earnings
By Iain Gilbert
Date: Tuesday 29 Oct 2024
(Sharecast News) - Wall Street stocks were in the red ahead of the bell on Tuesday as market participants braced for a number of big tech earnings.
As of 1310 GMT, Dow Jones futures were down 0.43%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.18% and 0.03% weaker, respectively.
The Dow closed 273.17 points higher on Monday, reversing losses recorded in the prior session.
Tuesday's primary focus will likely be earnings from the likes of Alphabet, Snap, Reddit and Advanced Micro Devices, all of which were scheduled to post quarterly numbers after the close.
Elsewhere in the corporate space, automotive giant Ford traded lower after issuing light FY guidance, while shares in fast food behemoth McDonald's also headed south on the back of a bigger-than-expected drop in same-store sales.
On the macro front, a preliminary reading of October's goods trade balance and wholesale inventories numbers will be out at 1000 GMT, as will August's S&P/Case-Shiller home price index, while October consumer confidence figures and September's JOLTS job report will follow at 1400 BST.
Oil prices were also drawing an amount of investor attention prior to the open, with West Texas Intermediate up 1.11% at $68.13 per bassel, as were elevated Treasury yields, with the yield on the benchmark 10-year note sitting at 4.331%, up more than four basis points at its highest level in roughly three months.
Reporting by Iain Gilbert at Sharecast.com
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