Dow set for small decline at the open after Boeing falls on earnings

Dow Jones Industrial Average futures pointed to a small decline at Wednesday’s open amid pressure from Boeing following the release of its latest quarterly report.

Futures for the 30-stock index indicated a loss of 7 points at the open. Boeing shares dipped nearly 1% after the aerospace giant pulled its 2019 guidance and halted share buybacks, citing uncertainty around its 737 Max aircraft. The decline in Boeing was offset by a 1.4% gain in Caterpiallr shares, which was fueled by better-than-expected earnings.

Facebook, Microsoft, PayPal, Tesla Motors and Visa are all set to release their latest quarterly figures after market close.


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Market focus is largely attuned to earnings season, after better-than-feared figures from major companies in the previous session helped the Nasdaq and S&P 500 indexes reach record closing highs.

“If there’s an earnings recession out there, it’s hard to see in the latest batch of earnings reports,” Ed Yardeni, president and chief investment strategist at Yardeni Research.

Tuesday’s move toward an all-time closing high comes less than six months after a sharp decline in late December, which led the S&P 500 to its worst annual performance since 2008. But stocks quickly turned around as the Federal Reserve reversed course on monetary policy while the tone around U.S.-China trade talks improved.

Equity markets also received support from rising energy shares on Tuesday, after international benchmark Brent crude jumped to its highest level since Nov. 1.

Oil prices soared after the U.S. announced the end of six months of waivers that allowed Iran’s eight biggest buyers to continue importing limited volumes of Iranian oil.

Source: cnbc.com | Original Link

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