Priceline, Disney, Fossil, Yelp among the premarket decliners
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U.S. stock futures on Wednesday pointed to a dip at the open, with some analysts blaming the decline in part on President Donald Trump's surprise firing of FBI Director James Comey.
S&P 500 futures fell by 2.3 points, or 0.1%, to 2,391, while Dow Jones Industrial Average futures dropped by 39 points, or 0.2%, to 20,868. Nasdaq-100 futures , however, turned up 1.2 points, or less than 0.1%, to 5,677.50.
The initial reaction to Trump's move late Tuesday has been to "put a bid on safe-haven plays," with gold and the Japanese yen strengthening, said Richard Perry, a Hantec Markets analysts, in a note. "Equities have retreated slightly."
The moves show "how markets are still wary of an unpredictable president," though they are all likely to end up being knee-jerk reactions rather than sustainable changes in direction, Perry added.
Trump said he dismissed the director of the Federal Bureau of Investigation (http://www.marketwatch.com/story/trump-fires-fbi-director-comey-democrats-call-for-special-prosecutor-in-russia-probe-2017-05-09) over his handling of the investigation into Hillary Clinton's emails. The reaction on Capitol Hill to Comey's firing has ranged from approval to outrage.
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Read:Complete text of White House statement on firing of FBI's Comey (http://www.marketwatch.com/story/complete-text-of-white-house-statement-on-firing-of-fbi-director-james-comey-2017-05-09)
And see:At first, Comey reportedly thought his firing was a prank (http://www.marketwatch.com/story/at-first-comey-reportedly-thought-his-firing-was-a-prank-2017-05-09)
Gold futures were 0.5% higher, while the dollar was down slightly against the yen, changing hands at Yen113.84 compared with Yen113.87 late Tuesday. The buck had been as low as Yen113.63 earlier.
On Tuesday, the S&P lost 0.1% and the Dow shed 0.2%, while the Nasdaq Composite Index rose 0.3% for another record close (http://www.marketwatch.com/story/us-stock-futures-struggle-to-gain-momentum-as-fears-subside-2017-05-09). The S&P finished 0.1% below Monday's record close, and the Dow stands 0.7% below its March 1 peak.
Other markets:Oil futures (http://www.marketwatch.com/story/oil-prices-get-respite-from-selling-after-encouraging-us-supply-data-2017-05-10) rose more than 1%, getting some respite from the sellers after an industry group reported a drop in U.S. crude supplies. A key dollar index (http://www.marketwatch.com/story/dollar-drops-against-the-euro-sterling-after-trump-fires-fbi-director-comey-2017-05-10) dipped with some analysts attributing the decline in part to Trump showing Comey the door.
European stocks (http://www.marketwatch.com/story/european-stocks-back-away-from-21-month-high-as-2017-05-10) were lower, while Asian markets largely gained (http://www.marketwatch.com/story/asian-markets-return-to-gains-after-korean-election-2017-05-09).
Economic news: Boston Federal Reserve President Eric Rosengren is slated to speak at noon Eastern Time to the Lake Champlain Chamber of Commerce in Vermont.
An April reading on U.S. import prices is due at 8:30 a.m. Eastern, and a release on the federal budget is on tap for 2 p.m.
Stock movers:Abercrombie & Fitch Co. shares (ANF) jumped 14% in heavy premarket trade following a Reuters report the retailer was fielding buyout interest.
Mylan NV(MYL) shares rose nearly 3% ahead of the bell after the drugmaker posted first-quarter profit that exceeded expectations (http://www.marketwatch.com/story/mylan-stock-rises-3-after-first-quarter-profit-beat-revenue-miss-2017-05-10), but revenue missed.
Fashion-accessories maker (http://www.marketwatch.com/story/fossil-group-shares-plummet-after-results-outlook-miss-street-view-2017-05-09)Fossil Group Inc.(FOSL) and online reviews provider (http://www.marketwatch.com/story/yelp-shares-crater-25-in-after-hours-trade-after-revenue-miss-lowered-outlook-2017-05-09)Yelp Inc.(YELP) were sinking more than 20% ahead of the open following their disappointing earnings reports.
Read the First Take: Yelp plummets as advertisers revolt (http://www.marketwatch.com/story/yelp-plummets-as-advertisers-revolt-2017-05-09)
Online travel broker Priceline Group Inc.(PCLN) is on pace for a down day after delivering a weak second-quarter outlook (http://www.marketwatch.com/story/priceline-shares-slide-on-weak-earnings-outlook-2017-05-09) late Tuesday. Shares were 3% lower in premarket trading.
Entertainment titan Walt Disney Co.(DIS) was down 2.4% premarket after posting earnings that topped forecasts, but revenue that missed views (http://www.marketwatch.com/story/disney-shares-down-2-as-quarterly-revenue-narrowly-misses-expectations-2017-05-09).
On the upside, Nvidia Corp. (NVDA) jumped 11% premarket after the maker of graphics chips topped profit forecasts (http://www.marketwatch.com/story/nvidia-jumps-more-than-10-after-handily-beating-on-earnings-2017-05-09-16913212) late Tuesday.
Electronic Arts Inc.(EA) was up 8.3% ahead of the bell following better-than-expected earnings (http://www.marketwatch.com/story/electronic-arts-shares-surge-as-earnings-outlook-tops-street-view-2017-05-09).
Wendy's Co.(WEN) rallied 4% in premarket trade after the fast-food chain beat first-quarter profit and sales expectations (http://www.marketwatch.com/story/wendys-stock-jumps-after-profit-and-sales-beat-expectations-2017-05-10), and provided an upbeat outlook.
Inc. Research Holdings(INCR) reached a deal to combine with private-equity owned inVentiv Health (http://www.marketwatch.com/story/inc-research-to-merge-with-private-equity-owned-inventiv-health-in-all-stock-deal-2017-05-10), creating a large biopharmaceutical outsourcing provider. The agreement values inVentiv at $4.6 billion, including debt.
(END) Dow Jones Newswires
May 10, 2017 08:12 ET (12:12 GMT)