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Traders Eye Alphabet Earnings as US Equity Futures Post Small Losses Pre-Bell
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Traders Eye Alphabet Earnings as US Equity Futures Post Small Losses Pre-Bell
Nov 3, 2024 1:44 PM

08:59 AM EDT, 10/29/2024 (MT Newswires) -- US equity futures incurred narrow losses before Tuesday's opening bell as traders awaited the release of quarterly earnings from technology giant Alphabet (GOOG, GOOGL).

The Dow Jones Industrial Average futures slipped 0.4%, S&P 500 futures declined 0.2%, and Nasdaq futures were little changed.

The Google ( GOOG ) parent is scheduled to report earnings after the closing bell, alongside payment technology company Visa (V), and chipmaker Advanced Micro Devices ( AMD ) . Meanwhile, fast-food giant McDonald's (MCD) reported pre-bell Q3 adjusted earnings and revenue that topped analysts' estimates.

Oil prices were higher, with front-month global benchmark North Sea Brent crude up 1.2% at $71.88 per barrel and US West Texas Intermediate crude up 1.5% at $68.37 per barrel.

US trade in goods deficit, released at 8:30 am ET, widened to $108.23 billion in September from $94.22 billion previously, compared with estimates compiled by Bloomberg for $96 billion.

The Federal Housing Finance Agency House Price index, slated for 9 am ET, is seen edging 0.1% higher in August to match the prior month's increase.

The Consumer Confidence index, due at 10 am ET, is seen rising to 99.5 in October from 98.7 previously. Forecasters see job openings based on the Labor Department's Job Openings and Labor Turnover Survey coming in at 7.9 million for September following an 8 million rate in August.

In other world markets, Japan's Nikkei closed 0.8% higher, Hong Kong's Hang Seng ended 0.5% higher, and China's Shanghai Composite finished 1.1% lower. Meanwhile, UK's FTSE 100 slipped 0.1%, and Germany's DAX index gained 0.2% in Europe's early afternoon session.

In equities, McDonald's shares were down 1.2% pre-bell. Profire Energy ( PFIE ) shares were up 47% on a pending $125 million takeover by CECO Environmental (CECO).

On the losing side, CVR Energy ( CVI ) shares were down nearly 23% after the company overnight reported it swung to a fiscal Q3 adjusted loss and posted lower net sales in addition to suspending its quarterly dividend. TransMedics Group ( TMDX ) stock was 25% lower after the company overnight reported Q3 earnings and revenue that trailed Capital IQ analysts' estimates.

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