Stocks - U.S. Futures Point to Lower Open with Earnings, Turkey in Focus
Investing.com - U.S. stock futures pointed to a lower open on Wednesday, ahead of a number of earnings and economic reports, as investors remained focused on the fallout from Turkey’s financial crisis.
Futures for the S&P 500 were down 0.54% to 2,825.75 as of 07:00 AM ET (11:00 GMT) while Dow futures were down 0.58% to 25,147. Futures for the tech-heavy Nasdaq 100 fell 0.68% to 7,408.00.
The losses came after Wall Street closed solidly higher on Tuesday, boosted by forecast-beating earnings reports and a slight recovery in the Turkish lira, which helped ease investor concerns over Turkey’s crisis.
The Nasdaq was dragged lower by losses in the tech sector after Tencent reported second quarter earnings that missed analysts’ expectations as increased regulatory scrutiny in China hit revenue.
Shares of Tesla (NASDAQ:TSLA) were likely to be in focus after Bloomberg reported that Chief Executive Elon Musk hadn’t officially tapped Goldman as its financial adviser when he tweeted plans on August 7 to take the company private and said he had secured funding for the deal.
Macy’s (NYSE:M), Pershing Square (NYSE:SQ) Holdings and Cisco Systems (NASDAQ:CSCO) were among some of the companies due to announce their latest earnings results later Wednesday, as the earnings season continues to wind down.
Macy’s is expected to report earnings of 50 cents per share on revenue of $5.56 billion, according to estimates.
In currency markets, the U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, hit fresh 13-month highs, boosted by safe haven demand.
In the commodities markets, oil prices were pressured lower after data pointing to an increase in U.S. crude inventories and concerns over the global economic outlook.
On the economic calendar, retail sales data for July and the Empire State manufacturing index are due at 08:30 AM ET (12:30 GMT). A report on productivity and unit labor costs for the second quarter is due at the same time.
Figures on industrial production for July are due out at 9:15 AM ET (13:15 GMT), followed by the NAHB’s homebuilder sentiment reading for August at 10:00 AM ET (14:00 GMT).
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