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Microsoft, Boeing, AMD — What you need to know in markets on Wednesday

Myles Udland
Markets Reporter

Tuesday was another wild ride for investors.

Futures were deep in the red early Tuesday and the Dow was off more than 500 points at its lows before markets staged a nice comeback throughout the session though markets never were able to re-take the flatline.

The Dow was dragged down on Tuesday by shares of Caterpillar (CAT) and 3M (MMM) after disappointing results, though both stocks closed well of their lows of the session.

Caterpillar shares closed down more than 7% on Tuesday and were the worst performer in the Dow. UBS analyst Steven Fisher noted Tuesday that this was the first quarter since 2016 that Caterpillar did not have a “beat and raise,” and the reaction in Caterpillar shares largely reflect what we’ve seen this earnings season — investors punishing results that are anything but stellar.

The drop in shares of 3M, meanwhile, followed a quarter when then company missed on earnings, missed on revenue, and lowered its guidance.

On Wednesday, things will remain very busy with Microsoft (MSFT), Boeing (BA), UPS (UPS), AT&T (T), Visa (V), Ford (F), AMD (AMD), and Whirlpool (WHR) all set to report results. 

Along with Caterpillar, Boeing has been seen as a proxy for the status of U.S.-China trade relations, while AMD has been one of the most actively-traded stocks on the market and Microsoft one of the market’s big-cap tech bellwethers.

Boeing is expected to report adjusted earnings per share of $3.47 on revenue of $23.9 billion; Microsoft is expected to report adjusted earnings per share of $0.96 on revenue of $27.9 billion; and AMD is expected to report adjusted earnings per share of $0.12 on revenue of $1.7 billion. All estimates are according to Bloomberg.

Boeing earnings on Wednesday morning will be one of the big stories for investors. (AP Photo/Ted S. Warren)

The economic calendar on Wednesday will also be crowded with the preliminary report on manufacturing and services-sector activity due out from Markit Economics while the latest data on new home sales and home prices from the FHFA are due out in the morning.

Myles Udland is a writer at Yahoo Finance. Follow him on Twitter @MylesUdland