US futures slip as earnings floodgates open: Stock market news today

Stocks slipped ahead of the bell on Tuesday, as investors weighed the first in a flood of earnings and eyed the prospects for a US breakthrough in the Israel-Hamas conflict.

Dow Jones Industrial Average (^DJI) futures were down 0.2%, after finishing Monday with gains. Contracts on the S&P 500 (^GSPC) and the tech-heavy Nasdaq 100 (^NDX) shed around 0.3%.

Bank of America (BAC) reported a 10% rise in profit, echoing last week’s strong showing by peers last week, Goldman Sachs (GS) is another highlight in Tuesday’s third-quarter reports, with Lockheed Martin (LMT), Johnson & Johnson (JNJ) and United Airlines (UAL) also on the docket.

Earnings season is still in its early days, but there are already encouraging signs that Corporate America could be seeing an end to the recent earnings recession. Tesla (TSLA) and Netflix (NFLX) lead out tech sector results on Wednesday, giving more insight into the toll taken from higher borrowing costs.

Read more: What a Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards

Meanwhile, the Middle East conflict still weighed on the market as investors assessed the chances of it breaking out into wider war. The rising geopolitical tensions in the Middle East could drive a global recession, leading investors have warned.

News that President Joe Biden plans to visit Israel on Wednesday, then travel to Jordan. That has eased some worries driven by a looming Israeli ground offensive on Gaza, seen as a red line for its Arab neighbors.

Oil prices steadied as the US intensified its diplomatic efforts, and as hopes grew that the US will ease sanctions on producer Venezuela. Crude oil futures (CL=F) held above $86 a barrel, while Brent crude futures (BZ=F) traded at almost $90 a barrel.

In an otherwise quiet week for economic data, a September retail sales report is expected to show slight growth when it is released on Tuesday. Recent indicators have encouraged the market to bet that the Federal Reserve won’t raise interest rates at its November meeting.

  • Stock futures fall as earnings season picks up pace

    The major Wall Street stock gauges pointed lower Tuesday as reports from Bank of America and Johnson & Johnson got the week’s stream of earnings under way.

    Futures on the Dow Jones Industrial Average (^DJI) were down 0.18%, or 61 points, while S&P 500 (^GSPC) futures shed 0.23%. Contracts on the tech-heavy Nasdaq 100 (^NDX) were 0.27% lower.

Click here for the latest stock market news and in-depth analysis, including events that move stocks

Read the latest financial and business news from Yahoo Finance


Denial of responsibility! Pedfire is an automatic aggregator of Global media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, and all materials to their authors. For any complaint, please reach us at – [email protected]. We will take necessary action within 24 hours.
DMCA compliant image

Leave a Comment