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Jul 25, 2018

Dow futures fall 100 points after GM, Boeing decline I CNBC

cnbc.com

Dow futures fall 100 points after GM, Boeing decline

Fred Imbert, Alexandra Gibbs




U.S. stock index futures fell on Wednesday as Wall Street focused on the latest batch of corporate earnings results.
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.
Dow-component Boeing reported better-than-expected earnings, but the stock fell more than 2 percent after the company issued weaker-than-expected guidance.
General Motors' stock fell more than 5 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. The company posted, however, quarterly earnings and revenue that surpassed analyst expectations.
Facebook and Qualcomm are among the companies scheduled to report after the close.
Michael Nagle | Bloomberg | Getty Images
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.
Investors also looked ahead to a meeting in Washington between President Donald Trump and European Commission President Jean-Claude Juncker. The two leaders are expected to discuss improving transatlantic trade relations among other subjects.
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.