UBER - Futures Dip Slightly on Earnings
U.S. stock futures slid Wednesday morning as investors moved attention to the latest batch of corporate earnings.
Futures for the Dow Jones Industrials declined 98 points, or 0.3%, early Wednesday to 34,108.
Futures for the S&P 500 dropped 12.25 points, or 0.3%, to 4,163.50.
Futures for the NASDAQ Composite dipped 12 points, or 0.1%, to 12,769.75.
Driving gains on Tuesday was Federal Reserve Chair Jerome Powell remarks that inflation is easing. His comments reiterated those given at his press conference last week, further bolstering investor hopes that the central bank will soon pause or pivot on interest rate hikes.
Chipotle fell more than 5% after missing expectations on the top and bottom lines in its latest results. Meanwhile, CVS raced more than 1% and Uber advanced more than 7%, following earnings that came in above Wall Street estimates.
The rideshare company posted per-share earnings of 29 cents, outperforming an expected loss of 18 cents from analysts polled by Refinitiv. Uber also beat the $8.49 billion expectation for revenue, bringing in $8.6 billion in the quarter.
Investors are also looking to post-bell earnings from companies including Walt Disney and Robinhood.
They will also watch for the latest reading on wholesale inventories due out at 10 a.m. ET. Economists are expecting a rise of 0.1% in December, according to Dow Jones.
In Japan, the Nikkei 225 index declined 0.3%, while in Hong Kong, the Hang Seng hesitated 0.1%.
Oil prices took on 76 cents to $77.90 U.S. a barrel.
Gold prices zoomed $10.60 to $1,895.40 U.S. an ounce.