Dow futures fall 100 points after GM, Boeing decline
Dow Jones Industrial Average futures dropped 97 points, indicating a decline of 103.94 points at the open. Nasdaq 100 and the S&P 500 futures also pointed to declines in their respective trading sessions.
General Motors reported better-than-expected earnings and revenue, but the automaker's stock fell more than 3 percent in the premarket after cutting its full-year profit forecast. The company cited "recent and significant increases in commodity costs" as well as currency headwinds for the cut.
Dow-component Coca-Cola posted earnings and revenue that topped expectations, but the stock slipped 0.1 percent before the bell. Facebook and Qualcomm are among the companies scheduled to report after the close.
Wall Street has high hopes for this earnings season, with analysts polled by FactSet expecting a 20 percent year-over-year increase in second-quarter profits.
Elsewhere, investors will be keeping an eye on the bond market, following news that Beijing had pledged to look into and undertake a more vigorous fiscal policy, as the economy cools.
This comes as the country continues to face tensions over trade with the U.S. Both nations have each slapped $34 billion worth of tariffs on each other, however further threats from the U.S. have surfaced since.
Not a Scientific Survey. Results may not total 100% due to rounding.
This is of key importance as relations have been strained between both regions in recent months. In June, the U.S. president threatened tariffs on imported cars from the European Union. Last week, the EU’s Trade Commissioner Cecilia Malmstrom said that if the U.S. imposed these levies, it would be “very unfortunate,” and added that the bloc had prepared its own list of countermeasures.
No speeches by the U.S. Federal Reserve are scheduled to take place.