US STOCKS-Futures dip as trade worries resurface; Disney rises on results
- Country:
- United States
U.S. stock index futures dipped on Friday as doubts about a trade deal between Washington and Beijing resurfaced, although strong results from Disney underscored a robust earnings season, a major driver behind Wall Street's record rise.
The S&P 500 and Dow Jones indexes closed at a fresh all-time high on Thursday after China said both countries would roll back existing tariffs in phases, but a report on internal opposition in the White House on the matter dented sentiment. Still, the benchmark index is on track for its best year since 2013, while the Nasdaq and Dow are eyeing yearly gains after dropping in 2018, partly propelled by a largely better-than-expected third-quarter earnings season.
Of the 430 S&P 500 companies that have reported results so far, nearly three quarters have beaten profit estimates, according to IBES data from Refinitiv. Those numbers, to some extent, reflect significantly lowered analysts' forecasts. Walt Disney Co gained 5.4% in premarket trading as its popular theme parks and a remake of "The Lion King" lifted earnings, and the company also spent less than it had projected on its online streaming service, Disney+.
At 7:12 a.m. ET, Dow e-minis were down just 4 points or 0.01%. S&P 500 e-minis were down 1.75 points, or 0.06% and Nasdaq 100 e-minis were down 9.75 points, or 0.12%. Among other stocks, Gap Inc fell 8.4% after saying Chief Executive Art Peck would leave the company, a surprise exit in the middle of a restructuring that comes as the apparel retailer slashed its full-year earnings forecast.
Dropbox Inc rose as much as 2.5% after the online file hosting company beat estimates for third-quarter revenue as it signed up more individual and business customers to its platform. Zillow Group Inc jumped 12% as the real estate website operator sold more homes and more real estate agents advertised on its platform.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
- READ MORE ON:
- Walt Disney Co
- driver
- Washington
- Beijing
- US
- White House
- China
- analysts
- theme parks
- Nasdaq
- Refinitiv
- homes
ALSO READ
China and Myanmar likely to be high on the agenda when Southeast Asian leaders meet in Australia
Philippine foreign minister urges neighbours to stand together more strongly in South China Sea
China's premier will not hold news conference after parliament, spokesman says
China in a surprise announcement says it is eliminating annual press conference by premier
China stocks edge up, Hong Kong slips as investors await key meeting