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US STOCKS-Futures mixed as investors await earnings; chip stocks slip
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US STOCKS-Futures mixed as investors await earnings; chip stocks slip
Oct 17, 2024 12:36 PM

(For a Reuters live blog on U.S., UK and European stock

markets, click or type LIVE/ in a news window.)

*

Futures: Dow up 0.12%, S&P 500 down 0.05%, Nasdaq down

0.17%

Oct 15 (Reuters) - U.S. stock index futures were mixed

on Tuesday as investors took a breather after a rally in the

previous session, ahead of a slew of quarterly results from

companies including Goldman Sachs ( GS ) and Bank of America ( BAC ).

Shares of AI-darling Nvidia ( NVDA ), however, fell 1% in

premarket trading following a record high close on Monday, after

a report the U.S. is considering limiting exports of advanced

artificial intelligence chips from the company and other U.S.

peers to some countries.

Shares of Advanced Micro Devices ( AMD ) and Intel ( INTC )

were down 1% and 0.6%, respectively.

At 5:20 a.m. ET, Dow E-minis were up 54 points, or

0.12%, U.S. S&P 500 E-minis were down 3 points, or 0.05%

and Nasdaq 100 E-minis were down 36 points, or 0.17%.

All three major indexes jumped on Monday, with the S&P 500

and Dow Jones notching record highs for the second

consecutive session, as optimism over a strong third-quarter

earnings season and a rally in tech stocks lifted equities.

The Dow closed above the 43,000-mark for the first time,

while the benchmark S&P 500 is nearing the psychologically

significant 6,000 level.

Earnings from major banks including JPMorgan Chase ( JPM )

and Wells Fargo ( WFC ) last week kicked off the third-quarter

reporting season on an upbeat note.

Forty-one S&P 500 companies are scheduled to report results

this week, which will help investors gauge the health of the

U.S. economy. Large corporates will also need to justify their

expensive stock valuations, particularly in the tech sector,

where valuations have grown increasingly lofty in the past year.

"As earnings season is set to begin, the tech and

communications sectors are expected to post the biggest

year-over growth," said Bret Kenwell, U.S. investment analyst at

eToro.

"So long as the bullish pillars remain in place for equity

markets, we should see the Nasdaq join the S&P 500 and Dow in

making new all-time highs."

Earnings from companies including Goldman Sachs ( GS ), Bank

of America ( BAC ), Citigroup ( C/PN ) and Johnson & Johnson ( JNJ )

are due before the bell.

Meanwhile, shares of oil companies lost ground, tracking

sharp declines in crude prices as supply concerns eased after a

media report said Israel is willing to not strike Iranian oil

targets.

Exxon Mobil ( XOM ) lost 2.7%, Occidental Petroleum ( OXY )

fell 2.6% and Chevron ( CVX ) dipped 2.4%.

Speeches from Federal Reserve officials Mary Daly and

Raphael Bostic are also on deck.

Traders are pricing in about an 87% probability the Fed will

cut rates by 25 basis points next month and a slight chance it

will leave rates unchanged, according to CME's FedWatch.

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