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Alphabet up ahead of earnings after the bell
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Ford falls, Pfizer ( PFE ) rises after results
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JOLTS job data on tap
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Futures down: Dow 0.37%, S&P 500 0.18%, Nasdaq 0.07%
(Updated at 8:20 a.m. ET/1220 GMT)
By Lisa Pauline Mattackal
Oct 29 (Reuters) - Wall Street was set to open lower on
Tuesday as investors assessed a host of corporate results, with
focus on Google-parent Alphabet's earnings expected
later in the day, while gains in U.S. Treasury yields also
pressured equities.
"Magnificent Seven" member Alphabet's shares rose 0.35% in
premarket trading ahead of its results due after market close,
where it is expected to post its slowest revenue growth in four
quarters.
This week marks the busiest period for S&P 500 earnings,
with eyes on five of the "Magnificent Seven" group of stocks
that are reporting quarterly results.
The group's results will be crucial to determining whether
Wall Street can sustain the optimism around technology and
artificial intelligence that has lifted indexes to record highs
this year.
However, rate-sensitive stocks were under pressure as bond
yields continued to rise, with the benchmark U.S. 10-year
Treasury yield breaching the 4.3% level for the
first time since early July.
"It does look like the curve is normalizing, but I do think
(yields) will move down at the end of the election and whenever
we get more data showing the Fed's view of inflation versus jobs
is correct," said Kim Forrest, chief investment officer at Bokeh
Capital Partners.
Other megacap stocks were lower, with Nvidia ( NVDA ) and
Apple ( AAPL ) both down 0.5%.
There were plenty of earnings for investors to sift through.
Drugmaker Pfizer rose 1.1% after hiking its profit
forecast, while Vans parent VF Corp ( VFC ) leapt 19.2% after
the company reported a profit for the first time in two
quarters.
Meanwhile, Ford slumped nearly 7% after the automaker
said on Monday it expects to hit the lower end of its annual
profit forecast.
D.R. Horton ( DHI ) dropped 10.4% on Tuesday after the
homebuilder forecast 2025 revenue below estimates, while
McDonald's dipped 2.4% after reporting a drop in global
sales.
Also in focus was September's JOLTS job openings and October
consumer confidence data, due at 10 a.m. ET.
The JOLTS data will be scrutinized for signals on the
strength of the labor market ahead of Friday's nonfarm payrolls
report, as investors increasingly bet that the Federal Reserve
will not cut interest rates as much as initially thought given
the economy's robust performance.
Dow E-minis were down 158 points, or 0.37%, S&P 500
E-minis were down 10.5 points, or 0.18%, and Nasdaq 100
E-minis were down 14.5 points, or 0.07%.
With earnings, geopolitical tensions in the Middle East, the
upcoming U.S. elections and a Fed meeting, investors are
anticipating a volatile few weeks.
The VIX has risen above 20 from below 15 in
September.
Trump Media & Technology Group's ( DJT ) shares jumped 20%,
after surging to their highest since June on Monday as the White
House race enters its final stretch.
Of the 184 companies in the S&P 500 that have reported
third-quarter earnings so far, 78.8% have reported above analyst
expectations, fairly in line with average performance over the
past four quarters, according to latest LSEG data.