Investing.com - Financial Markets Worldwide
Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

REFILE-US STOCKS-Futures drop as Caterpillar, Texas Instruments weigh

Published 23/10/2019, 14:00
© Reuters. REFILE-US STOCKS-Futures drop as Caterpillar, Texas Instruments weigh
US500
-
INTC
-
NVDA
-
ADI
-
TXN
-
ALXN
-

(Corrects the spelling of company name in last paragraph)
* Futures down: Dow 0.37%, S&P 500 0.30%, Nasdaq 0.25%

By Shreyashi Sanyal
Oct 23 (Reuters) - Wall Street was set to open lower on
Wednesday after warnings from Caterpillar and Texas Instruments
rekindled worries about a global economic slowdown due to
U.S.-China trade tensions.
Shares of Caterpillar Inc CAT.N slid 4% and were the
biggest decliners among Dow Industrials in trading before the
bell, as the company cut its yearly profit forecast on weak
demand in China. Trade tensions took a toll on chip industry bellwether Texas
Instruments TXN.O , which fell 9% after it forecast
current-quarter revenue below estimates. Other chipmakers including Intel Corp INTC.O , Analog
Devices Inc ADI.O and Nvidia Corp NVDA.O fell between 2% and
3.5%.
Still, the earnings season has largely been upbeat, with
over 80 of the 100 companies topping analysts' estimates,
according to Refinitiv data. But analysts still project the
first earnings contraction since 2016.
The S&P 500 .SPX is hovering near its record high on signs
of progress in trade negotiations between the world's top two
economies.
At 7:25 a.m. ET, Dow e-minis 1YMcv1 were down 98 points,
or 0.37%. S&P 500 e-minis EScv1 were down 9 points, or 0.3%
and Nasdaq 100 e-minis NQcv1 were down 19.5 points, or 0.25%.
A handful of healthcare companies rose on strong results.
Drugmaker Alexion Pharmaceuticals ALXN.O jumped 5% after
raising its full-year forecast.
Medical device makers Boston Scientific Corp BSX.N and
Thermo Fisher Scientific TMO.N gained 3% each on beating
quarterly profit estimates.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.