Stock index futures pointed to a lower open on Tuesday on concerns about the state of corporate profits after several major U.S. companies reported disappointing quarterly results and even cloudier outlooks.
Chemical maker DuPont Co
Bank of New York Mellon Corp
We're going to get a lot of earnings today. That's going to dominate a lot of the activity after yesterday's massive profit taking following Friday's options expiration, said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.
Now we are going to get a much better picture across multiple sectors and across the entire market and that will give us a picture of what the economy has been doing in the first quarter.
S&P 500 futures dropped 6.20 points and were below fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures slid 65 points, and Nasdaq 100 futures fell 5.50 points.
Drugmaker Merck & Co Inc
Diversified U.S. manufacturer United Technologies Corp
Soft drink maker Coca-Cola Co
At the close of trading on Friday, the blended growth rate for the first quarter, which combines actual numbers for companies that have reported earnings and estimates for companies that have yet to report, stood at negative 37.4 percent, according to Thomson Reuters data.
Shares of General Motors Corp
Stocks slid more than 3 percent on Monday after weak results from Bank of America Corp
European shares were lower in choppy trade as declines in bank stocks offset gains in defensives, led higher by record earnings from British retailer Tesco Plc
(Reporting by Chuck Mikolajczak; Editing by Theodore d'Afflisio and Jeffrey Benkoe)