FOX Business: Capitalism Lives Here
U.S. stock-index futures slumped from session highs after UPS warned on its full-year 2013 outlook and traders parsed through mixed economic data and earnings reports.
As of 8:44 a.m. ET, Dow Jones Industrial Average futures gained 15 points, or 0.09%, to 16339, S&P 500 futures advanced 1.3 points, or 0.07%, to 1838 and Nasdaq 100 futures were flat at 3595.
Earnings season is in full swing. United Parcel Service (UPS) sliced its adjusted full-year 2013 earnings outlook to $4.57 a share, from a previous estimate of $4.65 to $4.85 a share. Wall Street was looking for profits of $4.75.
General Electric (GE), the blue-chip conglomerate, revealed quarterly profits that matched expectations and revenues that exceeded views. Investment bank Morgan Stanley (MS) posted better-than-expected profits.
On the economic front, The Commerce Department reports housing starts fell 9.8% in December to an annual rate of 999,000 units slightly beating the Street’s expectation of 990,000. Meanwhile, permits to build new homes fell 3% to an annual rate of 986,000 units, missing estimates of 1.02 million.
Growth in the housing market has been cooling slightly in recent months as interest rates have risen. Later, at 9:55 a.m. ET, a reading on consumer sentiment is on tap from Reuters and the University of Michigan.
In commodities, U.S. crude oil futures climbed 82 cents, or 0.87%, to $94.78 a barrel. Wholesale New York Habor gasoline jumped 0.89% to $2.618 a gallon. Gold advanced $2.30, or 0.89%, to $1,243 a troy ounce.