FOX Business: Capitalism Lives Here
U.S. stock-index futures slumped on Wednesday as traders continued cashing-in on profits and eyeing corporate news.
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As of 8:06 a.m. ET, Dow Jones Industrial Average futures slid 82 points, or 0.52%, to 15629, S&P 500 futures dipped 8.5 points, or 0.47%, to 1757 and Nasdaq 100 futures slumped 15.2 points, or 0.45%, to 3350.
With little in the way of economic data on the docket, traders had their sights set on corporate news. Starbucks (NASDAQ:SBUX) had to restate its fourth-quarter results as a result of damages resulting from a packaged coffee dispute with Kraft (NASDAQ:KRFT). IntercontinentalExchange (NYSE:ICE) and NYSE Euronext have also finalized their merger.
Macy’s (NYSE:M) revealed third-quarter earnings of 47 cents a share, on sales of $6.28 billion. Wall Street expected the retailer to earn 39 cents a share on revenues of $6.19 billion. Shares leaped more than 5% in pre-market action. Cisco (NASDAQ:CSCO) reports after the close.
The Dow and broader S&P 500 are sitting in close range of record highs as traders have responded to generally upbeat corporate reports and continued asset purchases from the Federal Reserve. However, stocks have been pulling back in recent sessions.
"I don’t mean to sound cold myself but this rally is on shaky legs and it wouldn’t surprise me to see a little pullback here," Michael Block, chief strategist at Rhino Trading Partners.
Elsewhere, in commodities, U.S. crude oil futures rose 33 cents, or 0.35%, to $93.37 a barrel. Wholesale New York Harbor gasoline rallied 1.1% to $2.616 a gallon. Gold climbed $4.20, or 0.33%, to $1,275 a troy ounce.