January 24, 2018 / 12:38 PM / 7 months ago

US STOCKS-Futures rise as earnings from industrial giants roll in

* Futures up: Dow 60 pts, S&P 3.75 pts, Nasdaq 7 pts

By Sruthi Shankar

Jan 24 (Reuters) - U.S. stock futures pointed to a positive open for Wall Street on Wednesday as a string of earnings from industrial giants buoyed market sentiment.

The absence of any further bad news in the main headlines of General Electric’s earnings report helped its shares rise about 2 percent premarket.

GE’s shares had taken a beating in the past week after the company revealed more than $11 billion in charges and hinted at the possibility of splitting itself.

United Technology was up 0.7 percent after upbeat results and higher full-year profit forecast.

Ford, scheduled to report after market closes, was up 2 percent.

At 6:58 a.m. ET (1158 GMT), Dow e-minis were up 60 points, or 0.23 percent, with 19,326 contracts changing hands.

S&P 500 e-minis were up 3.75 points, or 0.13 percent, with 107,170 contracts traded.

Nasdaq 100 e-minis were up 7 points, or 0.1 percent, on volume of 25,548 contracts.

The dollar hit fresh lows on Wednesday after U.S. Treasury Secretary Steven Mnuchin said at the World Economic Forum that he welcomed the currency’s weakness.

Worries about a protectionist stance have added to the dollar’s woes after U.S. President Donald Trump slapped steep tariffs on imported washing machines and solar panels on Monday.

The dollar’s latest drop, which follows prolonged weakness in 2017, is expected to further boost profits at big U.S. companies.

Earnings growth for S&P 500 companies for the fourth-quarter is expected at 12.4 percent, according to Thomson Reuters data through Tuesday morning.

Of the 68 companies in the benchmark index that have posted results, 76.5 percent have topped Wall Street expectations.

Among decliners, Qualcomm slipped 1.4 percent after European anititrust regulators slapped a $1.23 billion charge on the chipmaker for paying Apple to use only Qualcomm chips.

United Continental tumbled 7 percent after the airline said it plans to increase capacity, likely threatening its profit margin. American Airlines fell 4.4 percent while Delta Air Lines dropped 3.7 percent.

Data on existing home sales for December is expected at 10:00 a.m. ET. The data is likely to show home sales fell to 5.7 million units from 5.81 million units in November.

Reporting by Sruthi Shankar in Bengaluru; Editing by Sriraj Kalluvila

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below