Stock futures are mixed as earnings season progresses
U.S. equity futures were little changed on Wednesday morning as investors sifted through numerous corporate earnings reports.
Dow Jones Industrial Average futures were up 22 points, or 0.06%, while S&P 500 and Nasdaq 100 futures were down 0.05% and 0.11%, respectively. The quiet session comes a day after the Dow Jones and S&P 500 closed at all-time highs.
The Dow component of Microsoft Corp. said its net profit jumped 48% from a year ago as revenues grew at the fastest rate in three years. Profits and sales exceeded Wall Street estimates despite supply chain disruptions in the PC market reducing Windows sales and slowing revenues from its cloud computing business.
Elsewhere in the Dow Jones, Boeing Co. made a profit for the second quarter in a row as the aircraft manufacturer ramped up deliveries of its 737 Max jet.
McDonald’s Corp. said comparable store sales exceeded pre-pandemic levels as higher prices, larger orders and new menu items helped to increase.
Coca-Cola Co. raised its profit outlook for the year as the reopening of theaters, restaurants and other venues boosted demand for soda.
Visa Inc. said overseas spending jumped 38% from last year, but said border closures continued to weigh on business. Profits and revenues exceeded expectations.
In the tech arena, Alphabet Inc. beat both financials and ad revenue, with ad revenue surging 43% year-over-year. The revenue of the company’s YouTube unit has had a modest impact due to the privacy changes made by Apple.
Twitter Inc., meanwhile, said Apple’s privacy changes were having a smaller impact than expected. Profits exceeded analysts’ expectations, but monetizable sales and daily active users fell short.
AMD Inc. posted better than expected results and raised its sales outlook for the full year, confident that it can overcome supply chain challenges and meet the high demand for chips used in consoles. games and data center servers.
Meanwhile, General Motors Co. beat profits and missed revenues and said annual results would approach the high of their expectations.
In commodities, West Texas Intermediate crude slipped $ 1.15 to $ 83.50 per barrel and gold fell $ 3.20 to $ 1,790.20 per ounce.
Overseas markets traded lower.
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European stock markets were weaker overall, with the UK FTSE 100 losing 0.34% while the German DAX 30 and French CAC 40 lost 0.45% and 0.49%, respectively.
In Asia, Japan’s Nikkei 225 slipped 0.03%, China’s Shanghai Composite fell 0.98%, and Hong Kong’s Hang Seng index fell 1.57%.