Stocks poised to open lower
The U.S. stock market looks set to fall at the open on Thursday after posting losses Wednesday caused by growing worries about the outlook for global trade and corporate earnings.
According to The Wall Street Journal, revived trade talks between Washington and Beijing have stalled again as the White House determines how much it should ease up on Chinese telecom giant Huawei.
As of 6:06 a.m. ET, futures on the blue-chip Dow were seen losing 54.5 points, or 0.20% to 27,176.5. Futures on the tech-heavy Nasdaq 100 declined 22.38 points, or 0.28% to 7,863.12 while S&P 500 futures were down 4.62 points, or 0.15% to 2,980.38.
Morgan Stanley, Microsoft, Honeywell, PPG, Phillip Morris to release earnings
Investors are largely focused on upcoming quarterly earnings from major companies Thursday. Morgan Stanley (NYSE: MS), Blackstone Group LP (NYSE: BX), PPG Industries, Inc (NYSE: PPG), Honeywell International Inc (NYSE: HON), Danaher Corp (NYSE: DHR), UnitedHealth Group Inc (NYSE: UNH), Philip Morris International Inc (NYSE: PM), and Union Pacific Corp (NYSE: UNP) will announce their results before the opening bell.
Microsoft Corp (NASDAQ: MSFT), Intuitive Surgical, Inc (NASDAQ: ISRG), Capital One Financial Corp (NYSE: COF), and online pet-products retailer Chewy (NYSE: CHWY) are scheduled to report after the close.
Netflix falls on subscriber miss
Shares in Netflix Inc (NASDAQ: NFLX) tumbled more than 10% in premarket trading after the streaming juggernaut said its domestic streaming customers dropped for the first time since it started its digital service 12 years ago. The Los Gatos, California-based company lost 126,000 paid subscribers in the U.S. during its fiscal second quarter ended June 30.
Global net additions came to 2.7 million in the quarter, well below its 5 million guidance. In its letter to shareholders on Wednesday, the company said its second-quarter content slate was to blame for the subscriber miss.