Wall Street futures pointed largely sideways on Wednesday before the market opened, following the tech-sector sell-off on Tuesday, which was triggered by tempered sales guidance for 2025 from ASML, a leading equipment manufacturer for chip production. The futures market indicated a steady S&P 500, a slight 0.1% incline for the Nasdaq, while the Dow Jones remained flat.
In the financial sector, the pre-bell earnings reports were generally robust. Synchrony Financial (SYF) saw a 1.9% increase in trading before the market opened after the financial services firm announced higher Q3 earnings and revenues compared to the previous year, exceeding analysts' expectations based on estimates from Capital IQ.
Similarly, First Horizon (FHN) experienced a 2.8% rise in pre-bell trading, benefiting from its reported Q3 adjusted earnings and revenues being up year-over-year, as well as surpassing analyst forecasts. Conversely, Citizens Financial Group (CFG) faced a 1.1% decline in pre-bell trading as the bank reported a drop in Q3 earnings and revenues compared to the previous year.
While it met analysts' expectations for earnings, it fell short on revenue forecasts. Notably, Abbott Laboratories (ABT) and Prologis (PLD) are also scheduled to release their earnings reports before the market opens. Asian exchanges saw mostly lower trading overnight in line with the ongoing global tech slump, while European markets tracked moderately downward by midday.
The economic calendar appears thin, with export and import prices for September scheduled to be released at 8:30 am ET. In the premarket actions, Bitcoin is trading at $67,710, West Texas Intermediate crude oil is priced lower at $70.44, and the 10-year US Treasuries are yielding 4.01%. Additionally, spot gold is trading at $2,675 per ounce.
Overall, with these mixed signals across sectors and the continuing volatility in technology stocks, market participants remain cautious as they await further economic indicators and corporate earnings reports in the coming days..