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Stocks - U.S. Futures Inch Down Ahead of GM Earnings

Stock MarketsFeb 06, 2019 06:43AM ET
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Investing.com – U.S. futures were slightly lower on Wednesday as investors digested earnings reports from Spotify, Snap and Disney and looked ahead to results from General Motors.

Investors will want to see whether GM's (NYSE:GM) attempts to reshape itself outlined in November - are paying off. The automaker is expected to report before the opening bell.

The S&P 500 futures fell 1 point or 0.06% as of 6:41 AM ET (11:41 GMT) while Dow futures lost 21 points or 0.08%. Meanwhile tech-heavy Nasdaq 100 futures inched down 2 points or 0.03%.

Spotify (NYSE:SPOT) rose 0.8% in premarket after it said operating income, net income and free cash flow were positive for the first time in company history in the fourth quarter, while Snap (NYSE:SNAP) jumped 25% after it said its user base is stabilizing. Walt Disney (NYSE:DIS) increased 0.7% after its fourth-quarter earnings were higher than expected, with a welcome improvement in its broadcast TV division.

Other high-profile companies releasing quarterly earnings on Wednesday include Eli Lilly (NYSE:LLY), Take-Two (NASDAQ:TTWO) Interactive, Chipotle Mexican Grill Inc (NYSE:CMG), Zynga Inc (NASDAQ:ZNGA) and GoPro Inc (NASDAQ:GPRO).

Elsewhere Tesla (NASDAQ:TSLA) fell 0.4% after it cut its Model 3 price for the second time this year, while Electronic Arts (NASDAQ:EA) slumped 15% after its earnings came in below expectations, due partly to competition from Epic Games's Fortnite.

Investors are also looking ahead to remarks from Federal Reserve officials after the central bank signaled it would pause its monetary policy over the next year. Fed Governor Randal Quarles will speak in New York at 6:05 PM ET (23:05 GMT) on bank stress-testing, while Fed Chair Jerome Powell gives a speech in Washington DC at 7:00PM ET (24:00 GMT).

In commodities, gold futures slipped 0.19% to $1,316.75 a troy ounce, while crude oil fell 0.6% to $53.32 a barrel after data on Tuesday showed a rise in U.S. crude inventories. The U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.13% to 95.942.

Stocks - U.S. Futures Inch Down Ahead of GM Earnings
 

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