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Stocks - U.S. Futures Rise as Investors Turn to Earnings Results

Investing.com
U.S. Futures pointed to a lower opening bell on Wall Street.
U.S. Futures pointed to a lower opening bell on Wall Street.

Investing.com - U.S. futures rose on Wednesday, with the Dow on track for triple digit gains as corporate earnings results came in higher than expected.

The S&P 500 futures rose 22 points or 0.83% to 2,707.0 as of 7:58 AM ET (11:58 GMT) while Dow futures were up 180 points, or 0.72%, to 25,039.0. Meanwhile tech heavy Nasdaq 100 futures increased 84 points, or 1.24%, to 6,900.25.

Earnings season remains in focus with results from Kellogg Company (NYSE:K), AIG (NYSE:AIG), Express Scripts (NASDAQ:ESRX) and others.

General Motors (NYSE:GM) surged 9.00% in premarket trading after its third-quarter earnings came in higher than forecast. Estee Lauder Companies (NYSE:EL) jumped 2.88% after its financial results beat estimates and it raised its quarterly dividend, while Sprint increased 6.16% after positive earning numbers. Yum! Brands (NYSE:YUM) gained 1.82% after posting better than expected results.

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Technology stocks rallied after Facebook (NASDAQ:FB) forecast margins would stop shrinking after 2019. Shares of the social media giant was up 3.12% in premarket trading despite a mixed earnings report.

General Electric (NYSE:GE) rose 1.38% while eBay (NASDAQ:EBAY) jumped 7.59% after its financial results beat estimates. Microsoft (NASDAQ:MSFT) gained 0.93% while semiconductor Micron (NASDAQ:MU) increased 2.11% and Tesla (NASDAQ:TSLA) was up 1.03%.

Elsewhere, Qualcomm (NASDAQ:QCOM) dipped 2.42%.

On the data front, the ADP’s private payroll data is released at 8:15 AM PM (12:15 GMT). The third-quarter employment cost index comes out at 8:30 AM ET (12:30 GMT), while Chicago PMI for October is scheduled for 9:45 AM ET (13:45 GMT).

In commodities, gold futures fell 0.22% to $1,219.90 a troy ounce while crude oil futures increased 0.39% to $66.44 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, decreased 0.07% to 96.95.

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