Wall Street in Holding Pattern, Weak Alphabet Earnings Weigh on Sentiment

Tuesday, October 29, 2019 9:08 AM | MT Newswires

US stock futures were struggling for a direction ahead of Tuesday’s opening bell 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 0.2%, S&P futures declined 0.06%, while Nasdaq futures increased 0.06%.

Oil prices fell, with global benchmark Brent crude down 0.9% and US West Texas Intermediate down 1.4% recently, ahead of the release of a crude supply report from the American Petroleum Institute.

At 9 am, data showed a 0.2% down-tick in the S&P Corelogic Case-Shiller 20-City adjusted index for the month of August versus 0.1% decline expected and 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 47% higher pre-bell after the company said it has commenced a review of its strategic alternatives.

U.S. PRE-MARKET INDICATORS

-Dow Jones Industrial down 0.2%

-S&P 500 futures down 0.06%

-Nasdaq 100 futures up 0.06%

GLOBAL SENTIMENT

Nikkei up 0.5%

Hang Seng down 0.4%

Shanghai Composite down 0.9%

FTSE-100 down 0.6%

DAX-30 down 0.04%

PRE-MARKET SECTOR WATCH

(+/-) Large cap tech: mixed

(+/-) Chip stocks: mixed

(+/-) Software stocks: mixed

(+/-) Hardware stocks: mixed

(+/-) Internet stocks: mixed

(+/-) Oil stocks: mixed

(+/-) Biotech stocks: mixed

(+/-) Drug stocks: mixed

(-) Financial stocks: lower

(+/-) Retail stocks: mixed

(+/-) Industrial stocks: mixed

(+/-) Airlines: mixed

(+/-) Autos: mixed

UPSIDE MOVERS

(+) PCG (+6.8%) Says damaged equipment may have caused weekend fires

(+) MRK (+2.8%) Q3 results beat Street views

(+) DRD (+3%) Fiscal Q1 output rises 5%

DOWNSIDE MOVERS

(-) GRUB (-33.6%) Guides for downbeat Q4 revenue, Q3 results miss Street view

(-) SHOP (-9.1%) Swings to Q3 loss, revenue tops estimates

(-) HEXO (-7.3%) Q4 results miss Street view

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