MARKET SNAPSHOT: Stock Futures Point Slightly Higher As China Growth Steadies, Earnings Roll In
17 April 2019 - 09:24PM
Dow Jones News
By William Watts, MarketWatch
Stock-index futures pointed to a slightly higher start for Wall
Street Wednesday as investors offered a muted reaction to data
showed China's economic growth stabilized, leaving the focus to a
continued stream of corporate results.
What are major indexes doing?
Futures for the Dow Jones Industrial Average rose 22 points, or
0.1%, to 26,469, while S&P 500 futures rose 5.35 points, or
0.2%, to 2,916.75. Nasdaq-100 were up 21.75 points at 7,701.25, a
gain of 0.3%.
Stocks are looking to build on modest gains that saw the Dow end
67.89 points higher Tuesday at 26,452.66, up 0.3%, while the
S&P 500 fended off late-session selling to eke out a rise of
1.48 points, or 0.1%, to 2,907.06. The Nasdaq Composite rose 24.21
points, or 0.3%, to finish at 8,000.23.
The S&P 500 ended just 0.8% away from its all-time closing
high of 2,930.75 set on Sept. 20, while the Dow and Nasdaq each
stand around 1.4% away from their record closes set last year.
Read:Stock market at ' risk of a melt-up, not a meltdown,' warns
BlackRock's Larry Fink
(http://www.marketwatch.com/story/blackrocks-fink-says-stock-market-at-risk-of-a-melt-up-not-a-meltdown-2019-04-16)
What's driving the market?
Chinese government data showed the country's economy grew at a
6.4% annualized rate
(http://www.marketwatch.com/story/chinas-economy-grew-64-in-q1-beating-expectations-2019-04-16)
in the first quarter of 2019, maintaining the pace seen in the last
quarter of 2018 as factory output picked up steam. The figure was
slightly higher than many economists expected.
The data failed to provide much spark to European markets, but
analysts said signs of stability could soothe investor worries
about the world's second-largest economy. Stock-market gains since
the end of last year have been tied in part to expectations
stimulus efforts by Chinese authorities and a potential deal to end
the U.S.-China trade battle would limit the scope of the country's
slowdown and alleviate fears of a global economic crunch.
Meanwhile, investors continue to wade through corporate results
as first-quarter earnings season moves into full swing.
What stocks are in focus?
Shares of Netflix Inc. (NFLX) were off 1.1% in premarket trade
after the streaming-entertainment company said it attracted a
record 9.6 million new subscribers
(http://www.marketwatch.com/story/netflix-reports-record-subscriber-gains-but-forecast-hurts-stock-2019-04-16)
in the first quarter, but disappointed investors with its forecast
for second-quarter profit and new subscribers.
Read:Netflix is burning money and lacks a good business model,
this tech investor says
(http://www.marketwatch.com/story/netflix-is-burning-money-and-lacks-a-good-business-model-this-tech-investor-says-2019-04-16)
Shares of Qualcomm Inc.(QCOM) were up more than 5% in premarket
trade after soaring more than 20% on Tuesday
(http://www.marketwatch.com/story/qualcomm-stock-surges-as-apple-agrees-to-settlement-2019-04-16)
after the chip maker and Apple Inc.(AAPL) settled patent litigation
against each other.
Opinion:Qualcomm gets big windfall in surprise settlement, but
Apple may have saved the iPhone from 5G doom
(http://www.marketwatch.com/story/qualcomm-gets-big-windfall-in-surprise-settlement-but-apple-may-have-saved-the-iphone-from-5g-doom-2019-04-16)
Following the settlement, chip maker Intel Corp.(INTC) said it
would get out of the business for 5G modem chips
(http://www.marketwatch.com/story/intel-drops-out-of-5g-modem-business-after-apple-qualcomm-settlement-2019-04-16)
in which it was trying to compete with Qualcomm. Intel shares were
up 3.7% in premarket action.
Shares of PepsiCo Inc.(PEP) were up 2.1% in premarket trade
after the beverage and snack giant Wednesday morning reported
first-quarter profit and revenue that topped Wall Street
expectations
(http://www.marketwatch.com/story/pepsicos-stock-surges-toward-record-high-after-profit-revenue-rise-above-expectations-2019-04-17).
(END) Dow Jones Newswires
April 17, 2019 07:09 ET (11:09 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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