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US STOCKS-Futures flat after downbeat earnings
October 25, 2017 / 11:43 AM / in 25 days

US STOCKS-Futures flat after downbeat earnings

* Futures: Dow up 2 pts, S&P off 2.25 pts, Nasdaq down 7.25 pts

By Sruthi Shankar

Oct 25 (Reuters) - Wall Street looked set to open flat on Wednesday as the U.S. corporate earnings season hit its peak, with lackluster results for a handful of companies overnight including Chipotle Mexican Grill and AMD.

* Chipotle Mexican Grill plummeted 10 percent in premarket trading after posting disappointing sales and earnings.

* Advanced Micro Devices slumped 9.8 percent after the chipmaker gave revenue forecast that pointed to its first decline in seven quarters.

* Visa gained about 2 percent after reporting better-than-expected profit, helped by its purchase of Visa Europe and as more people made payments using its network.

* Investors also focused on news around the nomination of the next Federal Reserve chief.

* Republican senators were favoring Stanford University economist John Taylor over current Fed Governor Jerome Powell, a source familiar with the matter told Reuters.

* The dollar got a boost as Taylor is seen as someone who could put the Fed on a path of faster interest rate increases compared with current Fed Chair Janet Yellen.

* A Commerce Department report is likely to show new home sales numbers fell 0.9 percent to 555,000 units in September, compared with a 3.4 percent decrease to 560,000 units in August. The report is due at 8:30 a.m. ET (1230 GMT).

* A separate report is expected to show new orders for U.S.-made capital goods rose 1 percent in September, slowing from August’ s 2 percent.

Futures snapshot at 6:59 a.m. ET:

* Dow e-minis were up 2 points, or 0.01 percent, with 17,722 contracts changing hands.

* S&P 500 e-minis were down 2.25 points, or 0.09 percent, with 111,928 contracts traded.

* Nasdaq 100 e-minis were down 7.25 points, or 0.12 percent, on volume of 18,843 contracts. (Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D‘Silva)

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