US STOCKS-Futures rise on strong earnings reports from Dow members
Shares of International Business Machines Corp jumped 6.7 percent and was the biggest gainer among 21 of the 30 Dow Jones Industrial Average components trading in premarket, after the company projected 2019 profit above expectations. The gains follow Wall Street's more than 1 percent loss on Tuesday as worries about slowing global growth came to the fore after a gloomy economic outlook from the International Monetary Fund, signs of further cooling in China's economy and mixed reports on U.S.-China trade talks.
Still, the benchmark S&P 500 index is about 10 percent away from its record closing high on Sept. 20. At 7:37 a.m. ET, Dow e-minis were up 180 points, or 0.74 percent. S&P 500 e-minis were up 15.5 points, or 0.59 percent and Nasdaq 100 e-minis were up 40.5 points, or 0.61 percent.
Oil prices rose almost 1 percent on optimism over Japan and China taking fiscal stimulus measures to stem an economic slowdown. Industrial conglomerate United Technologies Corp rose 3.1 percent after reporting a rise in quarterly profit, benefiting from a favorable effective tax rate and the acquisition of aero parts maker Rockwell Collins.
Procter & Gamble Co climbed 3.3 percent after its quarterly revenue beat Wall Street's expectation, driven by strong demand for beauty and fabric care products. U.S. cable services provider Comcast Corp climbed 3.5 percent after its quarterly revenue beat analysts' estimates, helped by lower-than-expected video subscriber losses.
The earnings season still has more to offer as just over 12 percent of S&P 500 companies have reported so far and 78.7 percent of them have beat Street expectations, according to Refinitiv data. (Reporting by Shreyashi Sanyal and additional reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur)
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)
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