On a lean day of economic announcements, analysts might be closely watching earnings reports from major corporates on Tuesday. The geopolitical uncertainties amid Israel striking on Iran, Lebanon, and Palestine territories.
In the Asian trading session, gold held near record levels. Oil prices fell about 1 percent.
Asian shares are broadly up at the close, while European shares are trading in the negative territory.
As of 8.10 am ET, the Dow futures were down 128.00 points, the S&P 500 futures were declining 20.25 points and the Nasdaq 100 futures were falling 83.50 points.
The U.S. major averages finish mostly down on Monday. The Dow slid 344.31 points or 0.8 percent to 42,931.60 and the S&P 500 dipped 10.69 points or 0.2 percent to 5,853.98, but the Nasdaq rose 50.45 points or 0.3 percent to 18,540.01.
On the economic front, the Richmond Fed Manufacturing Index for October will be issued at 10.00 am ET. The consensus is for a decline of 16.5, while it was down 21 in the prior month.
The Money Supply for September will be released at 1.00 pm ET. In the prior month, the M2 Level was at $21,174 billion.
Philadelphia Fed President Patrick Harker will speak on ‘Fintech’ before the Eighth Annual Fintech Conference hosted by the Federal Reserve Bank of Philadelphia at 10.00 am ET.
In the Corporate sector, General Motors Co. Tuesday reported higher third-quarter earnings per share and sales, above the Street. Further, the automotive major raised its fiscal 2024 adjusted earnings view in line or above market estimates.
For fiscal 2024, the company now expects profit attributable to stockholders of $10.4 billion to $11.1 billion, compared to the previous outlook of $10.0 billion to $11.4 billion.
Earnings per share is now expected to be $9.14 to $9.64, compared to the earlier estimate of $8.93 to $9.93.
Adjusted earnings per share are now projected to be between $10.00 and $10.50, compared to the previous estimate of $9.50 to $10.50.
Analysts on average expect the company to report earnings of $10 per share.
Asian stocks ended broadly lower on Tuesday. Chinese and Hong Kong markets ended with modest gains.
China’s Shanghai Composite index rose 0.54 percent to 3,285.87 while Hong Kong’s Hang Seng index edged up 0.10 percent to 20,498.95.
Japanese stocks tumbled. The Nikkei average fell 1.39 percent to 38,411.96 while the broader Topix index settled 1.06 percent lower at 2,651.47.
Australian markets lost ground. The benchmark S&P/ASX 200 dipped 1.66 percent to 8,205.70 while the broader All Ordinaries index finished down 1.57 percent at 8,469.
European shares are trading lower. CAC 40 of France is down 22.16 points or 0.29 percent. DAX of Germany is declining 6.34 points or 0.03 percent. The FTSE 100 of England is sliding 44.45 points or 0.53 percent. The Swiss Market Index is falling 120.82 points or 0.99 percent.
Euro Stoxx 50 that provides a Blue-chip representation of supersector leaders in the Eurozone, is down 0.23 percent.
Business News
Futures Point To Lower Open For Wall Street
2024-10-22 12:38:42
