Investing.com - Here are the top five things you need to know in financial markets on Wednesday, October 24:
1. U.S. Stock Futures Point to Another Triple-Digit Drop
U.S. stock index futures pointed to a sharply lower open for the second day in a row, as investors looked ahead to a slew of corporate releases and economic data.
At 5:25AM ET, the blue-chip Dow futures were down 175 points, or about 0.7%, the S&P 500 futures slumped 21 points, or around 0.75%, while the tech-heavy Nasdaq 100 futures indicated a decline of 69 points, or roughly 1%.
U.S. stocks fell on Tuesday after worries about the earnings outlook added to recent selling pressure, though major indexes ended well off the day's lows as investors snapped up beaten-down shares late in the session.
Elsewhere, in Europe, the region's major bourses attempted a tentative rebound after tumbling to a 22-month low in the prior session. The pan-European STOXX 600 inched up 0.3% after five straight sessions in the red, but remained within sight of lows not seen since December 2016.
Earlier, Asia markets ended mixed, following a turbulent trading session where stocks seesawed between gains and losses.
2. Boeing Earnings Highlight Pre-market Action
Boeing (NYSE:BA) earnings ahead of the opening bell will be the most anticipated report in pre-market hours, as the busiest week of the third-quarter earnings season continues.
The company is expected to report adjusted earnings per share of $3.53 on revenue of $24.28 billion, according to estimates.
Besides Boeing, other notable firms reporting before the market opens include AT&T (NYSE:T), United Parcel Service (NYSE:UPS), General Dynamics (NYSE:GD), Northrop Grumman (NYSE:NOC), and Boston Scientific (NYSE:BSX).
3. Microsoft, AMD, Tesla Results Due After Hours
Tesla, which on Monday announced that it will release its earnings far earlier than expected, is forecast to post revenue of $6.06 billion. However, Tesla's commentary on future production and sales usually have a larger impact on its stock than its reported revenue and EPS figures.
4. Dollar Jumps to 2-Month High
Away from equities, the dollar was broadly higher against a currency basket.
Investors are keeping an eye on a number of data points expected this morning. At 7:00AM ET (1100GMT), MBA mortgage applications are expected, followed by the FHFA House Price Index at 9AM ET (1300GMT).
Finally, the Federal Reserve releases its Beige Book, a collection of economic anecdotes from each of the central bank’s 12 districts, at 2PM ET (1800GMT).
On Tuesday, President Donald Trump stepped up his attacks on Fed Chair Jerome Powell for raising interest rates.
"I’m just saying this: I’m very unhappy with the Fed because Obama had zero interest rates. Every time we do something great, he raises the interest rates,” Trump said.
5. EIA's Weekly Oil Supply Report
In commodity markets, the U.S. Energy Information Administration will release its official weekly oil supplies report for the week ended October 19 at 10:30AM ET (1430GMT).
Analysts expect the EIA to report a climb of around 3.7 million barrels in crude supplies. If confirmed, it would be the fifth straight weekly climb in domestic oil inventories.
After markets closed Tuesday, the American Petroleum Institute said that U.S. crude supplies rose by 9.9 million barrels last week.
Oil prices added to their hefty losses from the day before, amid reassurances
U.S. West Texas Intermediate WTI crude futures were down 15 cents at $66.28 a barrel, after tumbling roughly 4% on Tuesday to a two-month low of $65.74.
International Brent crude oil futures dropped 82 cents to their lowest since August 24 at $75.64 per barrel, following a plunge of more than 4% a day earlier.
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