Stock futures drop
U.S. stock futures fell before the opening bell on Wednesday after all three major averages finished the previous session with slight gains.
As of 5:10 a.m. ET, futures tied to the blue-chip Dow edged 47 points, or 0.13% lower to 35,597.
S&P 500 futures were down 6.75 points, or 0.15% to 4,558.50 while the tech-heavy Nasdaq 100 futures gave away 12.75 points or 0.08% to 15,532.25.
Today’s earnings calendar includes Boeing (NYSE: BA), Ford (NYSE: F), Harley-Davidson (NYSE: HOG), McDonald’s (NYSE: MCD), Bristol-Myers Squibb (NYSE: BMY), and Coca-Cola (NYSE: KO).
Google owner posts blockbuster earnings
Alphabet (NASDAQ: GOOG), the parent company of Google, said late Tuesday that a continued rebound in digital ad spending at the search giant pushed its profit up 68% in the third quarter.
In a press release, Alphabet said earnings during the quarter came in at $18.94 billion, or $27.99 per share, easily smashing analysts’ estimates for earnings of $23.48 per share.
Revenue in the July-September period jumped 41% to $65.12 billion, ahead of analysts’ estimates of $63.34 billion.
Revenue in the Google Cloud unit grew 45% to $4.99 billion, while Google Services revenue stood at $59.88 billion.
Microsoft reports upbeat Q1 earnings
Microsoft (NASDAQ: MSFT) also reported better than expected first-quarter financial results, sending its shares higher in Wednesday’s pre-market trading session.
The tech giant on Tuesday posted earnings of $17.2 billion, or $2.27 per share, topping analysts’ estimates of $2.07 per share.
Revenue came in at $45.32 billion, up 22% on a year-over-year basis and above estimates of $43.97 billion.
Microsoft recorded robust growth in its Azure and other cloud services but pointed out that the ongoing global chip crisis had a material impact on Windows software sales.
Shares of Microsoft rose $4.59, or 1.48% to $314.70 per share in before the opening bell.
