U.S. stock index futures pointed to a flat open Wednesday, as investors monitor a flurry of corporate earnings and a fresh batch of economic data.
At around 7 a.m. ET, Dow Jones Industrial Average futures rose 5 points, indicating a gain of 11.11 points. Nasdaq 100 and S&P 500 futures were also set to open little changed from the previous session.
Morgan Stanley reported better-than-expected earnings and revenue as trade revenue surpassed expectations. Shares of the banking giant rose more than 2.5 percent in the premarket. U.S. Bancorp also posted a stronger-than-forecast profit, sending its stock up by 0.4 percent. Abbott Labs is scheduled to report later on Wednesday. American Express, eBay and IBM were all set to report earnings after the close.
So far, the corporate earnings season is off to a good start. With 8.7 percent of S&P 500 having reported, second-quarter earnings for the broad index are up 21.63 percent from the year-earlier period.
The moves in premarket trade come shortly after an upbeat assessment on the U.S. economy from Federal Reserve Chairman Jerome Powell. The head of America’s central bank also downplayed the impact of global trade risks on the outlook for future rate hikes.
U.S. stocks closed higher Tuesday, as strong gains for Amazon and a rebound in Netflix shares helped to aid a big comeback in the previous session. The Nasdaq composite rose 0.6 percent to hit a record high, while the Dow and S&P 500 also got a boost from robust corporate earnings to close modestly higher.
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