Wall Street futures pointed moderately higher pre-bell Wednesday, boosted by tech-sector optimism after a positive earnings report late Tuesday by internet colossus Alphabet (GOOG, GOOGL). Traders are also awaiting the Q3 gross domestic product, or GDP, first estimate from Washington, slated to post at 8:30 am ET, with pundits projecting about 3% growth on year.
In the futures, the S&P 500 rose 0.1%, the Nasdaq inclined 0.2% and the Dow Jones was off 0.1%. In earnings, Caterpillar (CAT) declined 4.5% pre-bell after the heavy-equipment maker reported Q3 adjusted earnings and revenue down on year and below expectations of analysts surveyed by Capital IQ. Otis Worldwide (OTIS) lost 4.1% pre-bell after the elevator outfit reported Q3 adjusted earnings and revenue up on year but below expectations.
The company also tempered guidance. Humana (HUM) traded up 0.9% pre-bell after the health insurer reported Q3 adjusted earnings down on year, but above outlooks, and revenue up on year and above expectations. Company guidance met Street consensus. Meanwhile, Microsoft (MSFT) and Facebook parent Meta Platforms (META) reported after-bell.
Asian exchanges traded mostly lower overnight although Tokyo gained while European bourses tracked moderately lower midday on the continent. On the economic calendar, in addition to the GDP report, is the private-sector ADP Employment Report for October at 8:30 am ET, followed by the pending home sales index for September at 10 am.
The weekly EIA petroleum status report posts at 10:30 am, and the Atlanta Fed Survey of Business Uncertainty for October at 11 am. In premarket action, Bitcoin traded at $72,393, the West Texas Intermediate crude oil traded higher at $67.91, and the 10-year US Treasuries offered 4.22%. Spot gold traded for $2,783 an ounce, testing fresh records..