Stocks – U.S. Futures Point to Higher Open, More Earnings on Tap
Investing.com – Wall Street futures were higher on Wednesday, after the major U.S. indexes posted monthly gains for October as they remain broadly supported by positive U.S. economic indicators and a number of upbeat coroporate eanings reports.
The blue-chip gained 0.56%, the advanced 0.42%, while the tech-heavy were up 0.44% by 06:55 a.m. ET (10:55 GMT).
The tech sector was expected to remain in the spotlight on Wednesday, after posting sharp gains in the previous session, boosted by a string of strong third-quarter earnings reports.
Amazon (NASDAQ:) shares were up 0.35% in pre-market trade, while Microsoft Corporation (NASDAQ:) gained 0.38%. The two companies reported better than expected quarterly results last month.
Apple (NASDAQ:) was next in line, with third quarter earnings and revenue figures expected on Thursday after the close. The iPhone maker was up 0.68% pre-market on Wednesday.
Intel (NASDAQ:) shares were up 0.86% before the open, boosted by reports Apple has designed iPhones and iPads that would no longer need chips supplied by Qualcomm (NASDAQ:) Inc.
The consumer goods sector could also remain in focus, after Mondelez International Inc (NASDAQ:) and Kellogg Company (NYSE:) were among the best performers in the on Tuesday.
Under Armour Inc A (NYSE:) rose 0.24% in pre-market trade, recovering from the previous session’s nearly 24% dive after the sportswear retailer reported mixed quarterly results.
Companies scheduled to report earnings before the opening bell included Bunge Limited (NYSE:), Allergan (NYSE:), Groupon Inc (NASDAQ:), Estee Lauder Companies Inc (NYSE:) (NYSE:) and Molson Coors Brewing Company (NYSE:).
MetLife Inc (NYSE:), Facebook Inc (NASDAQ:), Prudential Financial Inc (NYSE:), Qualcomm Incorporated (NASDAQ:), Tesla (NASDAQ:), Symantec Corporation (NASDAQ:) and Kraft Heinz Co (NASDAQ:) were some of the companies set to report after the bell.
Market participants were also looking ahead to data on and due later in the day, as well as the conclusion of the Federal Reserve’s monthly policy meeting.
The Fed was expected to leave interest rates unchanged at the conclusion of its two-day policy meeting, but investors were waiting for any indications that it will resume raising rates next month as expected, and the timing of any rate hikes in 2018.
U.S. President Donald Trump was also expected to announce his pick for the next chair of the Fed on Thursday. While there are five key candidates, Fed Governor is seen as a potential winner.
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