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Wall Street set to take a breather after touching new highs 

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6.30am: US stocks seen opening lower

US stocks are expected to open slightly lower after major indices closed at new records, supported by continuing strong earnings from the likes of General Electric (NYSE:GE) and UPS as the third-quarter reporting season progresses.  

Futures for the Dow Jones Industrial Average futures declined 0.04% in Wednesday pre-market trading, while the broader S&P 500 index shed 0.09% and those for the tech-heavy Nasdaq 100 retreated 0.15%.

Nearly 30% of S&P 500 companies have reported earnings and more than 80% of them beat Wall Street expectations. And S&P 500 companies are expected to grow profits by more than 35% in the third quarter.

The Dow ended Tuesday trading 16 points higher at 35,757, while the S&P rose eight points to 4,575 points and the Nasdaq added nine points to close at 15,236.

“Ahead of some major post-close earnings reports from the tech sector, the S&P 500 eked out a further 0.2% gain yesterday to close at a new record high,” commented Daiwa Capital Markets analyst Emily Nicol.

“Post-close earnings reports from tech giants Microsoft, Alphabet and Twitter appear to have broadly accorded with investor expectations and so US equity futures are presently little changed and UST (US Treasury) yields only fractionally higher. However, sentiment has soured somewhat in Asian markets, with most of the key bourses in the red today,” she added.

Story by ProactiveInvestors


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