By Barbara Kollmeyer, MarketWatch
MADRID (MarketWatch) -- Wall Street stocks were set to open
modestly higher on Wednesday, underpinned by positive performances
out of global stocks, though earnings will remain in focus for U.S.
investors, with Boeing Co. and PepsiCo Inc. ahead.
Reaction to results late Tuesday from Apple Inc. and Microsoft
Corp. could also be seen in the premarket trading hours.
Futures for the Dow Jones Industrial Average (DJU4) rose 26
points to 17,059, while those for the S&P 500 index (SPU4) were
up 3.2 points to 1,978.10. Futures for the Nasdaq-100 index (NDU4)
gained 6 points to 3,956.50.
The data calendar is empty for Wednesday, leaving investors to
fix their attention on corporate earnings. Ahead of the market's
open, Boeing (BA) is expected to post second-quarter earnings of $2
per share. Delta Air Lines Inc. (DAL), PepsiCo (PEP) and Whirlpool
Corp. (WHR) are also lined up for pre-open results.
After the close, earnings from Facebook Inc. (FB)(FB) and
AT&T Inc. (T) will be among the highlights.
Investors may see reaction to big tech earnings that came late
Tuesday. Apple (AAPL) posted a fall in iPad sales, which weighed on
shares in late trading despite the fact the company reported
better-than-expected quarterly results and strong iPhone sales.
Read: Apple gets patent for wearable watch dubbed the iTime
Microsoft reported a 7.1% fall in quarterly profit,
disappointing Wall Street forecasters, as it took a financial hit
from the purchase of Nokia Corp's (NOK) cellphone unit.
Stock futures appeared to be building on Tuesday's gains for
markets. The S&P 500 (SPX) finished up 0.5%, to 1,983.56, just
shy of its record closing level reached July 3. The index was
boosted by upbeat results from Chipotle Mexican Grill Inc. (CMG)
and better-than-expected economic data.
Geopolitical developments remained in the background for
markets, but globally, stocks were finding some strength. The Stoxx
Europe 600 index edged up 0.2%, while Asia also logged a
mostly-higher finish.
A U.S. intelligence official said Tuesday that there is a "solid
case it was an SA-11 fired from Eastern Ukraine under conditions
created by Russia" that downed a Malaysia Airlines jetliner last
week, as officials attempted to counter Russian claims of Ukrainian
culpability, The Wall Street Journal reported.
Meanwhile, the Federal Aviation Administration on Tuesday
temporarily banned U.S. flights to Tel Aviv after a rocket attack
near Ben Gurion International Airport. Read: Bloomberg travels to
Israel to protest FAA flight halt
Crude oil prices (CLU4) fell ahead of key supply data, while
gold prices edged up slightly. The dollar rose against the British
pound (GBPUSD) after minutes from the Bank of England's July
meeting showed all members voted to keep monetary policy loose.
Gold (GCQ4) was modestly higher.
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