Stock Futures Dip as Traders Eye Corporate Earnings

By MarketsFOXBusiness

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U.S. stock-index futures fell slightly on Wednesday as traders analyzed earnings from a slew of big-names companies.

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Today's Markets

As of 7:48 a.m. ET, Dow Jones Industrial Average futures fell 4 points, or 0.02%, to 16456, S&P 500 futures dipped 1.8 points, or 0.11%, to 1872 and Nasdaq 100 futures declined 5.7 points, or 0.17%, to 3579.

The S&P 500 added a sixth day to its winning streak on Tuesday, leaving the broad-market barometer only 0.6% away from its all-time high. The move bellies the intense turbulence seen on Wall Street just weeks ago as high-flying momentum stocks sold off.

On the earnings front, Boeing (NYSE:BA) revealed quarterly results that flew past Wall Street's expectations, sending its shares higher.  Procter & Gamble (NYSE:PG), the blue-chip consumer products giant, posted better-than-expected quarterly profits, but sales that missed analysts' views. AT&T (NYSE:T) revealed a beat on the bottom line, but shares still fell.

Gilead (NASDAQ:GILD), the biotech behemoth that took a beating as momentum stocks dropped, actually revealed much stronger-than-expected results.

Apple (NASDAQ:AAPL), the world's biggest company by market capitalization, is set to post its results after the closing bell. Facebook (NASDAQ:FB) is also set to report its results.

In economic news, traders will get a reading on the housing market at 10:00 a.m. ET. The Commerce Department is forecast to report the pace of sales of new, single-family homes having climbed to an annual rate of 450,000 in March from 440,000 the month prior. The construction sector took a hit from bad weather earlier in the year, and many economists are predicting a bounce-back.

Elsewhere, U.S. crude oil futures fell $2.24, or 2.2%, to $102.13 a barrel. Wholesale New York Harbor gasoline rose 0.09% to $3.098 a gallon. Gold advanced $6.60, or 0.52%, to $1,288 a troy ounce.

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