HomeFinancial MarketsFutures Slip as Big Pharma Earnings Roll In

Futures Slip as Big Pharma Earnings Roll In

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.

Chemical Giant DuPont Will Split in 3 Companies, Replace CEO Ed Breen

Chemical giant DuPont is heading towards some major changes. The company announced on Wednesday that it will be splitting into three separate companies while...

Zoom Tops Estimates, Raises Full-Year Forecast

Zoom Video Communications reported its earnings for the first quarter of 2024 on Monday and topped the estimates of Wall Street analysts. The communications...

Reddit Stock Jumps on the Back of Open AI Partnership

Social media platform Reddit announced earlier this week that it is partnering up with artificial intelligence start-up Open AI to improve the experience of...