Dow Futures Rise as Tech Giants Prepare to Release Quarterly Earnings
U.S. futures are on the rise today, thanks to falling bond yields and the anticipation of quarterly earnings announcements from some tech giants later in the session.
General Electric Raises Full-Year Profit Forecast
General Electric (GE) stock is up 5.1% after the conglomerate increased its full-year profit forecast. The company’s robust demand for jet engine spare parts and services, along with improved performance in its renewable business, are driving this positive outlook.
3M Company Expects Higher Profit
3M Company stock is up 4% as the conglomerate raises its full-year adjusted profit forecast. The company aims to benefit from cost-cutting measures and price hikes.
Verizon Exceeds Expectations
Verizon stock rose 3.7% after the telecom giant raised its annual free cash flow forecast. Promotions and the success of its high-speed 5G network have helped the company attract more subscribers than anticipated in the third quarter.
Spotify Reports Strong Growth
Despite recording quarterly monthly active users and subscribers that exceeded expectations, Spotify stock fell 2.6%. The streaming giant’s stock is still up over 95% year-to-date.
General Motors Revenues Rise
General Motors stock rose 1.6% as the auto giant reported a 5.4% increase in third-quarter revenues. However, the company withdrew its previous guidance for 2023 profits and near-term electric vehicle production due to a rise in costs related to the United Auto Workers strikes.
Coca-Cola Raises Sales and Profit Forecasts
Coca-Cola stock rose 2.3% as the soft drinks giant increased its annual sales and profit forecasts. The company has benefited from consumers purchasing its products at higher prices.
Coinbase Soars on ETF Speculation
Coinbase stock rose 8.2% as the cryptocurrency exchange benefits from speculation that a ETF will soon be authorized by the U.S. SEC.
Dow Exceeds Expectations
Dow stock rose 2.5% after the chemicals company beat expectations for third-quarter profit. Higher prices for its products used in various industries contributed to this positive outcome.
Nvidia Collaborates with Arm Holdings
Nvidia stock rose 1.8% after Reuters reported that the chipmaker has begun designing central processing units using technology from Arm Holdings. Arm Holdings stock also rose 2.4%.
RTX Approves Share Repurchase Program
RTX stock rose 8.1% as the aerospace supplier approved a $10 billion share repurchase program. This positive news comes despite the company reporting a near billion-dollar quarterly loss due to a major quality crisis at its subsidiary Pratt and Whitney.
Barclays Plans Restructuring
Barclays ADRs fell 5.6% as the U.K.-based bank signals another round of restructuring in the coming months. This move aims to mitigate the effects of margin pressure from competition in the savings market and lackluster performance from its investment bank.
These premarket stock movers are likely to have a significant impact on the market today, so stay tuned for further updates.