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US STOCKS-Futures slip amid earnings deluge, rising Treasury yields
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US STOCKS-Futures slip amid earnings deluge, rising Treasury yields
Nov 3, 2024 2:55 PM

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

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

*

Alphabet up ahead of earnings after the bell

*

Ford falls, Pfizer ( PFE ) rises after results

*

JOLTS job data on tap

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Futures down: Dow 0.37%, S&P 500 0.18%, Nasdaq 0.07%

(Updated at 8:20 a.m. ET/1220 GMT)

By Lisa Pauline Mattackal

Oct 29 (Reuters) - Wall Street was set to open lower on

Tuesday as investors assessed a host of corporate results, with

focus on Google-parent Alphabet's earnings expected

later in the day, while gains in U.S. Treasury yields also

pressured equities.

"Magnificent Seven" member Alphabet's shares rose 0.35% in

premarket trading ahead of its results due after market close,

where it is expected to post its slowest revenue growth in four

quarters.

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

with eyes on five of the "Magnificent Seven" group of stocks

that are reporting 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.

However, rate-sensitive stocks were under pressure as bond

yields continued to rise, with the benchmark U.S. 10-year

Treasury yield breaching the 4.3% level for the

first time since early July.

"It does look like the curve is normalizing, but I do think

(yields) will move down at the end of the election and whenever

we get more data showing the Fed's view of inflation versus jobs

is correct," said Kim Forrest, chief investment officer at Bokeh

Capital Partners.

Other megacap stocks were lower, with Nvidia ( NVDA ) and

Apple ( AAPL ) both down 0.5%.

There were plenty of earnings for investors to sift through.

Drugmaker Pfizer rose 1.1% after hiking its profit

forecast, while Vans parent VF Corp ( VFC ) leapt 19.2% after

the company reported a profit for the first time in two

quarters.

Meanwhile, Ford slumped nearly 7% after the automaker

said on Monday it expects to hit the lower end of its annual

profit forecast.

D.R. Horton ( DHI ) dropped 10.4% on Tuesday after the

homebuilder forecast 2025 revenue below estimates, while

McDonald's dipped 2.4% after reporting a drop in global

sales.

Also in focus was September's JOLTS job openings and October

consumer confidence data, due at 10 a.m. ET.

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 interest rates as much as initially thought given

the economy's robust performance.

Dow E-minis were down 158 points, or 0.37%, S&P 500

E-minis were down 10.5 points, or 0.18%, and Nasdaq 100

E-minis were down 14.5 points, or 0.07%.

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 above 20 from below 15 in

September.

Trump Media & Technology Group's ( DJT ) shares jumped 20%,

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

House race enters its final stretch.

Of the 184 companies in the S&P 500 that have reported

third-quarter earnings so far, 78.8% have reported above analyst

expectations, fairly in line with average performance over the

past four quarters, according to latest LSEG data.

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