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Futures: Dow up 0.26%, S&P 500 down 0.13%, Nasdaq off
0.16%
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Honeywell gains after rise in Q1 profit
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General Motors ( GM ) pulls forecast on tariff uncertainty
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Consumer confidence, JOLTS data due in the day
(Updates with corporate earnings)
By Lisa Pauline Mattackal and Purvi Agarwal
April 29 (Reuters) - Futures tied to the S&P 500 and the
Nasdaq were slightly lower on Tuesday as investors assessed a
slew of corporate earnings and awaited economic data for more
clarity on the impact of U.S. tariffs.
Supporting futures linked to the blue-chip Dow, Honeywell
jumped 5.3% after posting a rise in adjusted profit for
the first quarter. United Parcel Service ( UPS ), a bellwether
for the economy, gained 2.6% in premarket trading after its
quarterly results.
Meanwhile, U.S. officials said President Donald Trump's
administration will move to reduce the impact of his automotive
tariffs by alleviating some duties imposed on foreign parts in
domestically manufactured cars, and keeping tariffs on cars made
abroad from piling on top of other ones.
General Motors ( GM ) slipped 2.8% after the automaker
pulled its annual forecast due to tariff uncertainty. Shares of
automakers Ford and Tesla dipped marginally,
reversing earlier gains.
More clarity on the state of U.S.-China trade negotiations
was still awaited.
Consumer confidence and JOLTs job openings are also
scheduled for the day, while U.S. first-quarter GDP and nonfarm
payrolls are expected later in the week.
Four of the "Magnificent Seven" group of megacap stocks -
Meta Platforms ( META ), Microsoft ( MSFT ), Apple ( AAPL ) and
Amazon.com ( AMZN ) - will report quarterly results this week.
"It shouldn't really be especially surprising that
participants took something of a 'wait-and-see' approach to
proceedings ... with conviction lacking across the board, and
markets largely meandering along in a relatively directionless
fashion," said Michael Brown, senior research strategist at
Pepperstone.
At 06:47 a.m. ET, Dow E-minis were up 104.00 points,
or 0.26%, S&P 500 E-minis were down 7 points, or 0.13%,
while Nasdaq 100 E-minis were down 30.75 points, or
0.16%.
The S&P 500 closed Monday with marginal gains, rising
for a fifth straight session in its best winning streak since
November. Indexes have clawed back some losses this month on
hopes for a de-escalation in trade tensions between the U.S. and
China.
Still, all three major indexes remain down for the year,
with the S&P 500 on track to fall about 1.5% this month.
First-quarter earnings for S&P 500 companies are expected to
rise 10.9% from a year ago. That is higher than an early-April
estimate for a 7.8% rise, but many companies have warned of the
new tariffs impacting their outlook.
NXP Semiconductors NV ( NXPI ) fell 8.5% after the company
only slightly beat expectations for revenue, and announced CEO
Kurt Sievers would retire by the end of the year and insider
Rafael Sotomayor would succeed him.
U.S.-listed shares of Spotify Technologies ( SPOT ) plunged
8% after it forecast current-quarter operating profit below Wall
Street estimates.