| | The major U.S. index futures are pointing to a lower opening on Wednesday, with stocks likely to move back to the downside after attempting to recover from an early sell-off in the previous session.
A negative reaction to the latest batch of earnings news may weigh on the markets along with lingering concerns about the global economy and mounting geopolitical tensions.
Shares of AT&T (T) are moving notably lower in pre-market trading after the telecom giant reported third quarter earnings that came in below analyst estimates.
Delivery giant UPS (UPS) is also likely to see initial weakness after reporting third quarter earnings that matched estimates but weaker than expected revenues.
Shares of Texas Instruments (TXN) may also come under pressure after the chipmaker reported weaker than expected third quarter revenue and provided disappointing fourth quarter guidance.
On the other hand, shares of Boeing (BA) have moved notably higher in pre-market trading after the aerospace giant reported better than expected third quarter results and raised its full-year guidance.
Overall trading activity may be somewhat subdued, however, as traders look ahead to the release of the Federal Reserve?s Beige Book this afternoon.
The Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts, may shed additional light on the outlook for interest rates.
Stocks showed a significant recovery attempt over the course of the trading day on Tuesday after falling sharply early in the session. The major averages climbed well off their worst levels of the day but still finished the session firmly in negative territory.
After plunging by nearly 550 points, the Dow ended the day down 125.98 points or 0.5 percent at 25,191.43. The Nasdaq fell 31.09 points or 0.4 percent to 7,437.54 and the S&P 500 slid 15.19 points or 0.6 percent to 2,740.69.
The early sell-off on Wall Street reflected an extension of the significant weakness seen in overseas markets, which came amid worries about global economic growth and mounting geopolitical tensions.
A negative reaction to quarterly results from some big-name companies also contributed to sharp decline by stocks.
Shares of Caterpillar (CAT) plummeted by 7.6 percent even though the heavy equipment maker reported third quarter results that exceeded analyst estimates.
Investors seem disappointed Caterpillar reaffirmed its full-year earnings guidance rather than raising its forecast. The company's comments about the impact of tariffs also weighed on the stock.
Diversified manufacturer 3M Co. (MMM) also tumbled by 4.4 percent after reporting weaker than expected third quarter results and cutting its full-year guidance.
On the other hand, shares of McDonald's (MCD) moved sharply higher after the fast food giant reported quarter earnings and revenues that beat expectations.
Reflecting ongoing uncertainty about the near-term outlook for the markets, selling pressure waned shortly after the start of trading, leading to the recovery attempt by the broader markets.
Bargain hunting also contributed to the rebound by stocks, with the major averages bouncing off multi-month intraday lows.
Energy stocks climbed off their worst levels of the day along with the broader markets but still ended the session substantially lower.
The weakness among energy stocks came amid a steep drop by the price of crude oil after Saudi Arabia's Energy Minister sought to reassure the markets about supply.
Reflecting the weakness in the energy sector, the Philadelphia Oil Service Index plummeted by 3.7 percent, while the NYSE Arca Oil Index and the NYSE Arca Natural Gas Index tumbled by 2.9 percent and 2.6 percent, respectively.
Significant weakness also remained visible among steel stocks, as reflected by the 2 percent slump by the NYSE Arca Steel Index. With the drop, the index ended the session at its lowest closing level in over a month.
Transportation, computer hardware and chemical stocks also ended the day notably lower, while considerable strength emerged among housing and gold stocks.
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The Commerce Department is scheduled to release its report on new home sales in the month of September at 10 am ET.
New home sales are expected to dip to an annual rate of 625,000 in September after jumping to a rate of 629,000 in August.
At 10:30 am ET, the Energy Information Administration is due to release its report on oil inventories in the week ended October 19th.
Crude oil inventories are expected to rise by 3.6 million barrels after surging up by 6.5 million barrels in the previous week.
St. Louis Federal Reserve President James Bullard is scheduled to give a presentation on the U.S. economy and monetary policy at an Adam Smith Panmure House Lecture in Edinburgh, Scotland, at 11:30 am ET.
At 12:30 pm ET, Cleveland Fed President Loretta Mester is due to speak at an event held by the Forecasters Club of New York.
The Treasury Department is scheduled to announce the results of its auction of $39 billion worth of one-year notes at 1 pm ET.
At 2 pm ET, the Fed is due to release its Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts.
Atlanta Fed President Raphael Bostic is also scheduled to participate in an armchair discussion at the LSU Energy Summit 2018 at Louisiana State University in Baton Rouge, Louisiana, at 2 pm ET.
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Shares of Texas Instruments (TXN) are moving sharply lower in pre-market trading after the chipmaker reported weaker than expected third quarter revenue and provided disappointing fourth quarter guidance.
Robotics technology company iRobot (IRBT) is also likely to come under pressure after reporting third quarter results that exceeded estimates but forecast a loss of $5 million in net income in the fourth quarter due to tariffs.
On the other hand, shares of Alexion Pharmaceuticals (ALXN) are seeing pre-market strength after the drugmaker reported third quarter earnings that beat analyst estimates.
Aerospace and defense company Lockheed Martin (LMT) may also move to the upside after reporting third quarter results that exceeded expectations on both the top and bottom lines. | | | | | Become a Shareholder in High Times The Original Voice of Cannabis. Join our investor community and help shape the emerging cannabis industry.
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European stocks are moving higher on Wednesday after five straight sessions of losses amid uncertainty over Brexit, worries about Italy's spending plans and concerns over slowing global growth.
While the German DAX Index has risen by 0.5 percent, the French CAC 40 Index is up by 0.9 percent and the U.K.?s FTSE 100 Index is up by 1 percent.
The pound eased to three-week lows ahead of Prime Minister Theresa May's key address to Conservative Party lawmakers in parliament on Brexit later in the day.
French construction group Vinci has jumped after reporting an increase in third quarter revenue and confirming its full-year forecasts.
Luxury group Kering has also soared after reporting another quarter of outstanding growth, with third quarter revenues at Gucci rising 34.9 percent as reported and 35.1 percent on a comparable basis.
Safran and Air Liquide have also moved significantly higher after posting encouraging financial results for the third quarter.
On the other hand, Fresnillo has dropped in London as the precious miner lowered its guidance for silver production for a second time this year.
Shares of Krones have also tumbled after the beverage filling and packaging company trimmed its forecast for fiscal 2018, citing the result of the first nine months and the forecast for the fourth quarter.
German lender Deutsche Bank reported weak profit and revenues in its third quarter, with lower results in all divisions. However, looking ahead, the bank said it is on track to be profitable in 2018 for the first time since 2014.
In economic news, the Eurozone economy grew at the slowest rate in over two years in October as an export-led slowdown continued to broaden to the service sector, survey data showed. The composite output index declined to 52.7 from 54.1 in September.
While Germany's private sector expanded at the slowest pace for almost three-and-a-half years, France's private sector expanded at a faster pace despite a slowdown in factory activity.
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Asian stocks ended mixed on Wednesday as falling oil prices and lingering concerns about U.S. earnings offset encouraging manufacturing data from Japan. The U.S.-China trade war, Italian government finances and U.S.-Saudi tensions also remained in focus.
China's Shanghai Composite Index rose 8.47 points or 0.3 percent to 2,603.30 after closing more than 2 percent lower on Tuesday, while Hong Kong's Hang Seng Index dropped 96.77 points or 0.4 percent to 25,249.78.
Japanese shares eked out modest gains after a survey showed activity in Japan's manufacturing sector expanded at a faster rate in October. The flash Markit/Nikkei manufacturing PMI rose to a seasonally adjusted 53.1 in October from a final 52.5 in September, as new export orders returned to growth.
The Nikkei 225 Index climbed 80.40 points or 0.4 percent to 22,091.18, while the broader Topix Index finished marginally higher at 1,652.07.
Canon and Panasonic rose around 1 percent as the yen held lower in Asian trading. Sony, Honda Motor and Toyota Motor ended modestly higher. NEC Corp gained 1.3 percent after the company announced a 5G partnership deal with Samsung.
On the other hand, lender Mitsubishi UFJ Financial declined 1.1 percent and energy major Inpex tumbled 3.3 percent. Subaru Corp. plunged over 7 percent after the automaker lowered its operating income outlook for the first half of the year. Tech stocks also fell, with Advantest and Tokyo Electron losing around 1 percent.
Australian markets fluctuated before finishing lower as falling energy stocks overshadowed gains in the financial and healthcare sectors. The benchmark S&P/ASX 200 Index dipped 14.10 points or 0.2 percent to 5,829, while the broader All Ordinaries Index ended down 0.3 percent at 5,926.50.
Woodside Petroleum, Santos, Oil Search, Origin Energy and Beach Energy fell 1-4 percent after oil prices plunged about 5 percent to two-month lows on Tuesday amid worries about demand. Energy services firm WorleyParsons plummeted 11.4 percent.
Mining heavyweights BHP Billiton and Rio Tinto lost 1-2 percent despite iron ore prices rising for a second straight session.
In the healthcare sector, infant formula maker Bellamy's Australia slumped 6 percent after the company said it expects first-half sales to decline between 10 percent and 15 percent from the year-ago period.
Meanwhile, gold miner Newcrest rallied 2.9 percent, Evolution Mining advanced 2.6 percent and Regis Resources jumped 5.5 percent after gold prices hit their highest level in over three months in the previous session.
Banks ANZ, Commonwealth and Westpac rose between 0.4 percent and 0.7 percent after losses in the previous session.
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Crude oil futures are rising $0.30 to $66.73 a barrel after plunging $2.93 to $66.43 a barrel on Tuesday. Meanwhile, after climbing $12.20 to $1,236.80 an ounce in the previous session, gold futures are falling $3.70 to $1,233.10 an ounce.
On the currency front, the U.S. dollar is trading at 112.68 yen compared to the 112.44 yen it fetched at the close of New York trading on Tuesday. Against the euro, the dollar is valued at $1.1400 compared to yesterday?s $1.1471.
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