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US STOCKS-Futures tread water amid earnings deluge; Ford falls
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US STOCKS-Futures tread water amid earnings deluge; Ford falls
Nov 3, 2024 1:27 PM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

*

Futures up: Dow 0.02%, S&P 500 0.02%, Nasdaq 0.05%

Oct 29 (Reuters) - U.S. stock index futures were little

changed on Tuesday as investors prepared for a bevy of corporate

results, most notably from Alphabet to gauge the

strength of the technology sector.

The Google parent's shares gained 0.6% in premarket trading

ahead of its results due after market close, where it is

expected to post its slowest revenue growth in four quarters.

Other megacap stocks were mixed, with Microsoft rising 0.3%,

while Tesla lost 0.5% and Nvidia ( NVDA ) dipped 0.7%.

Meanwhile, Ford slumped 6% after the automaker said it

expects to hit the lower end of its annual profit guidance after

the bell on Monday.

Dow E-minis were up 7 points or 0.02%, S&P 500

E-minis were up 1.25 points or 0.02%, and Nasdaq 100

E-minis were up 10.75 points or 0.05% by 5:25 a.m. ET.

The indexes had closed higher in the previous session,

helped by anticipation for the megacap earnings, with easing

geopolitical worries aiding sentiment.

This week marks the busiest period for S&P 500 earnings,

with primary focus on the five of the "Magnificent Seven" group

of stocks reporting their quarterly results.

The group's results will be crucial to determining whether

Wall Street can sustain the optimism around technology and

artificial intelligence that has lifted indexes to record highs

this year.

Additionally, investors await results from companies such as

Pfizer ( PFE ), McDonald's and D.R. Horton ( DHI )

before the bell.

The September JOLTS job openings and October consumer

confidence data, due at 10.a.m. ET, are also on the docket.

The JOLTS data will be scrutinized for signals on the

strength of the labor market ahead of Friday's nonfarm payrolls

report, as investors increasingly bet that the Federal Reserve

will not cut rates as much as initially thought given the

economy's robust performance.

Changes in Fed expectations and have also lifted Treasury

yields. The benchmark U.S. 10-year Treasury yield

breached the 4.3% level for the first time since early July -

adding another headwind for equities.

With earnings, geopolitical tensions in the Middle East, the

upcoming U.S. elections and a Fed meeting, investors are

anticipating a volatile few weeks. The VIX has risen to

19.86 from below 15 in September.

Shares of Trump Media & Technology Group ( DJT ) jumped 12%,

after surging to their highest since June on Monday as the White

House race enters its final stretch.

Vans parent VF Corp ( VFC ) leapt 22% after the company

reported a profit for the first time in two quarters on Monday.

(Reporting by Lisa Mattackal in Bengaluru; Editing by Varun H

K)

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