Dow Today – U.S. Futures slip after record run for S&P 500, Dow By Reuters
© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., October 18, 2021. REUTERS/Brendan McDermid
By Devik Jain
(Reuters) – The and the looked set to ease from record levels on Wednesday as a drop in commodity prices and fresh regulatory crackdown in China dented optimism around strong quarterly earnings.
A new round regulatory crackdown in China as well as uncertainty around the U.S. monetary policy appeared to cloud investors’ sentiment in early New York hours despite bumper results from technology majors.
Microsoft Corp (NASDAQ:) rose 2.1% in premarket trading after it forecast a strong end to the calendar year, thanks to its booming cloud business.
Google owner Alphabet (NASDAQ:) Inc also reported record quarterly profit for the third straight quarter on a surge in ad sales. However, its shares were down 0.6% after rising nearly 59% so far this year.
Stronger-than-expected earnings reports have helped drive the S&P 500 and Dow back to all-time highs this week, while bringing the tech-heavy Nasdaq just below 1% from its record peak.
Profit for S&P 500 companies is expected to grow 35.6% year-on-year in the third quarter, with market participants gauging how companies are navigating supply-chain bottlenecks, labor shortages and inflationary pressures induced by the COVID-19 pandemic.
IT outsourcing services provider Cognizant (NASDAQ:) and e-commerce firm eBay Inc (NASDAQ:) are set to report results later in the day.
Robinhood Markets Inc (NASDAQ:) slipped 8.4% after the retail broker reported downbeat third-quarter revenue as trading levels declined for cryptocurrencies including dogecoin.
At 6:53 a.m. ET, were down 15 points, or 0.04%, were down 4.25 points, or 0.09%, and were down 20.5 points, or 0.13%.
Texas Instruments (NASDAQ:) Inc forecast tepid quarterly revenue and missed market expectations for the third quarter, as the chipmaker struggles with supply chain constraints in the semiconductor industry, sending its shares down 4.2%.
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