Stocks set for flat opening
U.S. stock futures were trading cautiously early Wednesday after the main stock benchmarks closed solidly higher during the previous session.
At around 6:20 a.m. ET, futures for the Dow Jones Industrial Average were down 8 points to 35,315. The tech-heavy Nasdaq 100 futures rose 5.5 points to 15,404 while S&P 500 futures were flat.
On Tuesday, the Dow ended 0.6% higher at 35,457. The S&P 500 index closed up 0.7% to 4,519 while the Nasdaq Composite Index closed at 15,129, up 0.7%.
Netflix Q3 earnings top estimates
Meanwhile, Netflix (NASDAQ: NFLX) posted better-than-expected financial results for its fiscal third quarter on Tuesday and said its net subscribers increased by 4.4 million, ending the period with 214 million paid subscribers.
The streaming giant reported earnings of $3.19 per share and revenue of $7.48 billion. Analysts polled by Refinitiv expected the company to post earnings of $2.56 per share and revenue of $7.48 billion.
Netflix topped its own projections for a net subscriber addition of 3.5 million.
As of writing, Netflix stock was down $12.56, or 1.97% to $626.44 per share in the pre-market trading session Wednesday.
Tesla, IBM, Verizon earnings eyed
Today’s earnings calendar includes Tesla (NASDAQ: TSLA), IBM (NYSE: IBM), Abbott Laboratories (NYSE: ABT), Verizon Communications (NYSE: VZ), Biogen (NASDAQ: BIIB), PPG Industries (NYSE: PPG), and Lam Research (NASDAQ: LRCX).
Analysts expect Tesla to post fiscal third-quarter earnings of $1.57 per share on revenue of $13.57 billion after the closing bell.
Verizon is seen reporting earnings of $1.36 per share on revenue of $33.28 billion before the market open.
IBM is expected to have earned $2.50 per share and revenue of $17.77 billion in the latest quarter.
