EBay sinks in premarket; Visa, Microsoft higher
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A record run for tech stocks was in jeopardy, as U.S. stock futures struggled for traction with results rolling in from General Electric Co. and Honeywell International Inc.
EBay Inc. and Skechers Inc. shares are under pressure ahead of the bell in the wake of results for those companies.
Dow Jones Industrial Average futures fell 20 points, or less than 0.1% at 21,561, while S&P 500 index futures traded flat at 2,471. Nasdaq-100 index futures slipped 8.75 points to 5,916.50.
On Thursday, the Dow (http://www.marketwatch.com/story/wall-street-stocks-poised-to-hold-onto-record-run-ecb-meeting-in-the-spotlight-2017-07-20) slipped 0.1% to end at 21,611.78, dragged by losses for Home Depot Inc. (HD) after Sears Holdings Corp.(SHLD) said it would sell Kenmore-branded appliances on Amazon.com Inc. (AMZN). The S&P 500 index shed 0.38 points to close at 2,473.45.
But the Nasdaq notched its 41st record close by settling 0.1% higher at 6,390. That marks its 10th straight winning session. The Nasdaq was on course to finish the week around 1.2% higher, with one session left to go. The S&P 500 is poised to rise 0.6%, but the Dow is looking at a modest loss of around 0.1%.
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Read:Opinion: Stocks are healthy enough to rally without tech (http://www.marketwatch.com/story/stocks-are-healthy-enough-to-rally-without-tech-2017-07-21)
With no economic data to focus on, investors will be keeping a keen eye on earnings to come on Friday.
Peter Cardillo, chief market economist with First Standard Financial, said a mixed to positive session is likely for stocks as investors focus on earnings, which have been mostly better than expected. "The markets continue to defy gravity and for the right reasons, corporate America is performing and most of the S&P 500 companies have thus far surpassed expectations," he said, in emailed comments.
Stocks to watch: Earnings remained in the spotlight for Friday. GE(GE), shares rose 0.8% as profit fell less than expected (http://www.marketwatch.com/story/general-electric-profit-falls-less-than-expected-2017-07-21) for the multinational conglomerate.
Colgate-Palmolive Co.(CL) shares fell nearly 3% after a sales miss offset profit (http://www.marketwatch.com/story/colgate-palmolives-stock-drops-after-sales-miss-offsets-in-line-profit-2017-07-21) that was reported in line with expectations for the personal-care products company.
Honeywell (HON) shares were steady in premarket trade after the aerospace-and-defense giant said reported sales and profit that topped estimates (http://www.marketwatch.com/story/honeywell-tops-sales-and-profit-estimates-raises-full-year-sales-outlook-2017-07-21).
EBay (EBAY) shares slumped 5% premarket after the e-commerce group reported second-quarter earnings and sales that were in line with forecasts (http://www.marketwatch.com/story/ebay-lower-as-q2-earnings-sales-in-line-with-forecast-2017-07-20).
(http://www.marketwatch.com/story/ebay-lower-as-q2-earnings-sales-in-line-with-forecast-2017-07-20)Skechers USA (http://www.marketwatch.com/story/ebay-lower-as-q2-earnings-sales-in-line-with-forecast-2017-07-20)(SKX) shares fell after the shoemaker's earnings outlook fell short of Wall Street's forecasts (http://www.marketwatch.com/story/skechers-shares-slip-after-earnings-outlook-fall-short-of-street-view-2017-07-20).
Visa Inc.(V) was up 1.6% after earnings topped Wall Street estimates (http://www.marketwatch.com/story/visa-shares-tick-higher-after-earnings-top-street-estimate-2017-07-20).
Microsoft(MSFT) shares rose 0.6% in premarket after the software maker posted forecast-beating earnings. Read:Microsoft rides huge tax benefit from failing at smartphones to big earnings beat (http://www.marketwatch.com/story/microsoft-rides-huge-tax-benefit-from-failing-at-smartphones-to-big-earnings-beat-2017-07-20)
Other markets: Asian markets cooled off Friday, taking a breather from recent gains. The Stoxx Europe 600 index (http://www.marketwatch.com/story/european-stocks-struggle-to-break-grip-of-stronger-euro-2017-07-21) was little changed, struggling under the weight of a stronger currency.
The euro continued to climb against the dollar after European Central Bank President Mario Draghi's dovish comments on monetary policy were ignored by markets (http://www.marketwatch.com/story/euro-sits-at-2-year-high-as-hawkish-view-on-ecb-dominates-2017-07-21). Gold prices inched higher, and oil prices (http://www.marketwatch.com/story/oil-steadies-as-investors-wait-for-rig-data-opec-meeting-2017-07-21) were steady ahead of U.S. rig-count data from Baker Hughes due later.
Read:How OPEC committee's coming meeting could make or break oil prices (http://www.marketwatch.com/story/how-opec-committees-coming-meeting-could-make-or-break-oil-prices-2017-07-20)
(END) Dow Jones Newswires
July 21, 2017 08:01 ET (12:01 GMT)