Dow Set to Fall as IBM, United Tech Slump

By MarketsFOXBusiness

FOX Business: Capitalism Lives Here

The Dow was poised to open lower Wednesday as shares of blue chips IBM and United Technologies came under pressure.

Continue Reading Below

Today's Markets

As of 8:00 a.m. ET, Dow Jones Industrial Average futures fell 40 points, or 0.25%, to 16314, S&P 500 futures dipped 2 points, or 0.11%, to 1837 and Nasdaq 100 futures fell 0.5 point, or 0.02%, to 3609.

With earnings season in full swing, corporate news stole Wall Street's focus on Wednesday. IBM (NYSE:IBM) and United Technologies (NYSE:UTX) both revealed better-than-expected quarterly profits, but disappointing sales sent shares sliding. Both companies have price points north of $100, meaning moves in their shares will have an outsize impact on the Dow.

Texas Instruments (NYSE:TXN), the chipmaker, also came under pressure amid concerns about current-quarter profits. Meanwhile, Coach (NYSE:COH) tumbled after the high-end apparel maker reported a bigger-than-expected fall in sales.

Elsewhere in corporate news, VMware (NASDAQ:VMW) said it would buy AirWatch for $1.54 billion.

There aren't any economic releases scheduled until the end of the week.

In commodities, U.S. crude oil futures climbed 62 cents, or 0.66%, to $94.99 a barrel. Wholesale New York Harbor gasoline rose 0.32% to $2.629 a gallon. Gold dipped 40 cents, or 0.03%, to $1,242 a troy ounce.

What do you think?

Click the button below to comment on this article.