Stock futures point to higher Wall Street open

Wall Street

Dow Jones


The Mortgage Bankers Association releases at 1100 GMT (7 a.m. EDT) Weekly Mortgage Market Index for the week ended October 21 versus the prior week. The mortgage market index read 633.1 and the refinancing index was 3,396.1 in the previous week.

Ford <F.N> reports quarterly results and the market is expecting a profit of 45 cents per share, down from 48 cents per share one year ago from the No. 2 U.S. automaker, whose executives are likely to discuss its outlook for sales and its new labor pact with the United Auto Workers.

Other companies announcing results include Visa <V.N>, WellPoint <WLP.N>, Nasdaq OMX <NDAQ.O> and ConocoPhillips <COP.N>.

Boeing Co <BA.N> also reports and may shed light on some of its plans to ramp up production rates on commercial aircraft programs. Its profit is expected to decline to $1.10 per share from $1.12 per share.

The Boeing 787 Dreamliner takes its first paying passengers on Wednesday, showing off a carbon-composite design its maker says is lighter, more economical to fly and more comfortable than its metal rivals currently plying the airways.

The Commerce Department releases at 1230 GMT September durable goods orders data. Economists expect a 0.9 percent drop in durable goods orders compared with a 0.1 percent decrease in August.

The Commerce Department releases new home sales for September at 1400 GMT. Economists forecast a total of 300,000 annualized units compared with 295,000 units in August.

Prospects for a comprehensive deal to resolve the euro zone debt crisis at a summit on Wednesday look dim, with deep disagreement remaining on critical aspects of the potential agreement, including how to give the region's bailout fund greater firepower. Inc <AMZN.O> shocked investors with a far weaker-than-expected outlook for the crucial holiday season quarter as it spent heavily on its new Kindle Fire tablet computer. The stock tumbled 18 percent in extended trading.

After the bell on Tuesday, shares in McKesson Corp <MCK.N>, F5 Networks Inc <FFIV.O> and Panera Bread Co <PNRA.O> were up 2.1 percent, 4.8 percent and 7.2 percent respectively after the companies announced results. However, Broadcom Corp <BRCM.O> was down 6.6 percent, while Dreamworks Animation Skg Inc <DWA.O> was down 7.2 percent.

European shares <.FTEU3> rose 0.1 percent on Wednesday, buoyed by earnings news, although investors remained cautious on concerns the summit of European Union leaders would not come up with a strong enough package of measures to tackle the euro zone debt crisis.

On Tuesday the Dow Jones industrial average <.DJI> lost 205.18 points, or 1.72 percent, to 11,708.44. The Standard & Poor's 500 Index <.SPX> fell 24.96 points, or 1.99 percent, to 1,229.23. The Nasdaq Composite Index <.IXIC> dropped 61.02 points, or 2.26 percent, to 2,638.42.

(Reporting by Atul Prakash; Editing by Erica Billingham)