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Stocks- U.S. Futures Inch Up as Investors Digest Earnings News

Investing.com
U.S. futures pointed to a higher opening bell on Wednesday.
U.S. futures pointed to a higher opening bell on Wednesday.

Investing.com – U.S. futures inched up on Wednesday as investors digested earnings results and trade tensions lingered.

The S&P 500 futures was up over six and a half points or 0.25% to 2,713.25 as of 6:44 AM ET (10:44 GMT) while Dow futures increased 53 points or 0.21% to 24,760.0. Meanwhile tech heavy Nasdaq 100 futures rose 18 points or 0.27% to 6,847.0.

Investors are looking ahead to a flurry of earnings releases. Morgan Stanley (NYSE:MS), Abbott Laboratories (NYSE:ABT), US Bancorp (NYSE:USB), Textron (NYSE:TXT), and Freds Inc (NASDAQ:FRED) are expected to report before the morning bell. After the closing bell, American Express (NYSE:AXP), Alcoa (NYSE:AA), Steel Dynamics Inc (NASDAQ:STLD), and United Rentals Inc (NYSE:URI) will release their first quarter earnings results.

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Meanwhile geopolitical tensions weighed on the back of investor’s minds as U.S. President Donald Trump said late on Tuesday that he wasn’t interested in the Trans-Pacific Partnership deal after flirting with joining the trade agreement again last week.

Trump is hosting a the second day of a meeting with Japanese Prime Minister Shinzo Abe in Florida, where the two are expected to talk about trade and stability in the region.

eBay Inc (NASDAQ:EBAY) was among the biggest gainers in pre-market trading, rising 4.19% after Morgan Stanley upgraded its price upgrade for the e-commerce firm. General Electric (NYSE:GE) increased 0.65% while Netflix (NASDAQ:NFLX) inched up 0.46%.

Elsewhere IBM (NYSE:IBM) dipped 4.74% after its profit margins were lower than expected. Micro Focus International PLC ADR (NYSE:MFGP) fell 1.70% while Vodafone Group PLC (LON:VOD) ADR (NASDAQ:VOD) was down 0.47%.

In Europe stocks were mixed. Germany’s DAX fell 14 points or 0.11% while in France the CAC 40 increased 12 points or 0.24% and in London, the FTSE 100 was up 53 points or 0.74%. Meanwhile the pan-European Euro Stoxx 50 gained four points or 0.12% while Spain’s IBEX 35 surged 21 points or 0.22%.

In commodities, gold futures fell 0.02% to $1,349.20 a troy ounce while crude oil futures increased 1.19% to $67.31 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, was up 0.17% to 89.37.

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