Futures Low as Spotlight on FOMC, Ford Beats Street’s Forecast
U.S. stock futures edged lower on Tuesday as investors remain on the sidelines ahead of the Federal Reserve’s two-day monetary policy meeting, which kick starts in a few hours from now.
At last check, futures on Dow Jones Industrial Average Index slipped 0.01%; those on NASDAQ 100 edged down 0.35% while futures on S&P 500 Index fell 0.37%.
S&P/Case-Shiller index on U.S. home prices for November is scheduled to release at 9:00 a.m. EST. Analysts polled by Reuters are expecting the index to rise by 0.6% in November on seasonally adjusted basis, after gaining 0.7% in October.
Later at 10:00 a.m. EST, The Conference Board is due to release its consumer confidence index for January. Analysts polled by Reuters are expecting the consumer confidence will fall to 64.0 from 65.1 in December.
On earnings front Dow component Pfizer Inc. (NYSE: PFE), expected to report earnings ahead of the morning bell while Amazon.com Inc. (NASDAQ: AMZN) scheduled to announce results after the closing bell.
Ford Motor Company (NYSE: F) topped Street’s estimates. Earnings excluding items stood at 31 cents a share compared to 20 cents a share in the year-earlier period. Revenue rose to $34.5 billion from $32.60 billion, in the same period of last year.
Seagate Technology Plc (NASDAQ: STX) shares slumped 5% in pre-market trading after the company following the closing bell on Monday provided gloomy outlook on fiscal third quarter even as revenue and earnings in the second quarter edged past Street’s estimate.
Shares of Yahoo! Inc. (NASDAQ: YHOO) edged up in pre-market trading as Web Portal reported better-than-expected fiscal fourth quarter results late on Monday thanks to strong revenue growth in Web-search business.
Asian equities ended mixed on Tuesday with Japan’s Nikkei Index falling 0.39% and Hong Kong’s Hang Seng inching lower 0.07%.
Elsewhere in Europe, all leading benchmark indexes were trading in red territory with Pan European Stoxx 600 down 0.06%, FTSE 100 slipping 0.04% while DAX edging lower 0.25%.