Futures flat as investors
pause after Dow's recent rally
Send a link to a friend
[January 27, 2017]
By Tanya Agrawal
stock index futures were little changed on Friday as investors paused
after driving the Dow Jones Industrial Average to three straight days of
gains and ahead of a host of economic data and corporate results.
* The post-election rally reignited this week following a solid start to
earnings season and optimism over President Donald Trump's pro-growth
initiatives, catapulting the Dow above 20,000 for the first time and
giving the benchmark S&P 500 its best two-day performance in seven
* All three major indexes were on track to post weekly gains.
* Trump's business-friendly decisions since taking office on Friday
include signing executive orders to reduce regulatory burden on domestic
manufacturers and clearing the way for the construction of two oil
* Early fourth-quarter earnings have also boosted sentiment and are now
expected to show growth of 7 percent, their biggest increase in two
years, according to Thomson Reuters data.
* Of the 146 companies that have reported earnings through Thursday
morning, 69.2 percent have topped expectations.
* General Dynamics <GD.N>, AbbVie <ABBV.N> and Chevron <CVX.N> are
scheduled to report before the bell.
* Investors' focus will be on advanced fourth-quarter gross domestic
product estimate. Economists are expecting the GDP to have likely
increased at a 2.2 percent rate, down from 3.5 percent in the
July-September quarter. The data is expected at 8:30 a.m. ET (1330 GMT).
* Data from the Commerce Department is likely to show durable goods
orders rose 2.6 percent in December after falling 4.5 percent in
* Oil prices gave up earlier gains as rising crude output from the
United States was seen offsetting efforts by OPEC and other producers to
prop up the market by cutting supplies.
[to top of second column]
Traders work on the floor of the New York Stock Exchange (NYSE) as
the Dow Jones Industrial Average passes the 20,000 mark shortly
after the opening of the trading session in New York, U.S., January
25, 2017. REUTERS/Brendan McDermid
Starbucks fell 3.8 percent to $56.24 in premarket trading after the world's
biggest coffee seller trimmed its full-year revenue forecast.
* Google parent Alphabet was down 1.7 percent at $841.99 after it posted
fourth-quarter profit below analysts' estimates.
* Microsoft was up 1.4 percent at $65.20 after the world's biggest
software company reported a rise in quarterly profit.
* Wynn Resorts jumped 6.3 percent to $101.50 after its quarterly results came in
Futures snapshot at 6:33 a.m. ET:
* Dow e-minis were up 8 points, or 0.04 percent, with 12,575 contracts changing
* S&P 500 e-minis were down 0.25 points, or 0.01 percent, with 63,180 contracts
* Nasdaq 100 e-minis were up 3.5 points, or 0.07 percent, on volume of 13,562
(Reporting by Tanya Agrawal in Bengaluru; Editing by Anil D'Silva)
[© 2017 Thomson Reuters. All rights
Copyright 2017 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.