Futures in New York edged lower on Tuesday following the latest influx of earnings from major pharmaceutical companies. Investors also remain focused on incoming economic data to better understand the trajectory of the U.S. economy.
Dow Jones e-minis declined by 51 points, or 0.14%, while S&P 500 e-minis fell by 7.25 points or 0.16%. Nasdsaq 100 e-minis fell by 32.5 points or 0.2%. This comes after the benchmark S&P 500 index hit a more than 15-month high on Monday. The index is now just 4.7% away from reaching its record intraday high on January 4, 2022.
Merck stock rose by 1.4% in premarket trading when the big pharma company raised its full-year profit forecast after beating analysts’ second-quarter estimates. Computing company Arista Networks jumped by 14.8% after beating its own Q2 earnings forecast, driven by demand for its cloud networking products.
Investors now await the ISM Manufacturing survey to assess U.S. factory activity in July. The Labor Department’s Job Openings and Labor Turnover Survey is also in the pipeline.