Stocks to give back some gains from earnings rally

FAN Editor

U.S. equity futures are pointing to a lower open on Wednesday, giving back some of the gains from Tuesday’s earnings-fueled rally.

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The three major futures indexes are pointing to a decline of 0.3 percent.

Financial stocks will remain in focus with Bank of America, Progressive, U.S. Bancorp, PNC Financial Services Group and Bank of New York reporting ahead of the opening bell.

The afternoon will feature results from Dow component IBM, and the first of the big-cap consumer/tech titans to report, video streaming giant Netflix.

Stocks notched solid gains on Wall Street on Tuesday as investors welcomed surprisingly good quarterly results from some of the nation’s biggest companies.

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Strong earnings from UnitedHealth Group, JPMorgan Chase and other companies helped power the market’s broad gains, erasing modest losses from a day earlier.

Ticker Security Last Change Change %
I:DJI DOW JONES AVERAGES 27024.8 +237.44 +0.89%
SP500 S&P 500 2995.68 +29.53 +1.00%
I:COMP NASDAQ COMPOSITE INDEX 8148.705552 +100.06 +1.24%

The S&P 500 index climbed 1 percent, the Dow Jones Industrial Average rose 0.9 percent and the Nasdaq gained 1.2 percent.

Investors are looking to the wave of quarterly report cards due out over the next few weeks to give them a clearer picture of what impact the trade war between the U.S. and China is having on corporate profits and the broader economy.

In European trading, London’s FTSE slipped 0.2 percent, Germany’s DAX was off 0.1 percent and France’s CAC was lower by 0.3 percent.

Asian shares were mostly higher Wednesday. Japan’s benchmark Nikkei 225 closed with a 1.2 percent gain, Hong Kong’s Hang Seng added 0.6 percent and China’s Shanghai Composite ended the day off 0.4 percent.

On Friday, the U.S. agreed to suspend a planned hike in tariffs on $250 billion of Chinese goods that had been set to kick in Tuesday.

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Beijing, meanwhile, agreed to buy $40 billion to $50 billion in U.S. farm products.The U.S. did not, however, cancel plans for more tariffs in December and the sticking points of intellectual property and trade secrets still hang over the dispute.

The Associated Press contributed to this article.

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