US Futures Slip as Weak Alphabet Earnings Weigh on Sentiment

Tuesday, October 29, 2019 8:14 AM | MT Newswires

US stock futures posted narrow losses Tuesday as traders evaluated a fresh batch of corporate earnings following disappointing quarterly results from tech giant Alphabet (GOOG, GOOGL) during the previous session.

Dow futures fell 0.3%, S&P futures declined 0.2%, while Nasdaq futures slipped 0.1%.

Oil prices fell, with global benchmark Brent crude down 1.1% and US West Texas Intermediate down 1.3% recently, ahead of the release of a crude supply report from the American Petroleum Institute.

At 9 am, data are expected to show a 0.1% down-tick in the S&P Corelogic Case-Shiller 20-City adjusted index for the month of August versus no change in July, according to Econoday.

At 10 am, forecasters see the consumer confidence index coming in at 128.5 in October versus September's 125.1. The pending home sales index is expected to rise 0.7% for September vs 1.6% growth in the previous month.

In equities, shares of Superconductor Technologies (SCON) were 34% higher pre-bell after the company said it has commenced a review of its strategic alternatives.

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