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US pre-open: Futures point to losses as Caterpillar weighs on markets

By Iain Gilbert

Date: Wednesday 23 Oct 2019

US pre-open: Futures point to losses as Caterpillar weighs on markets

(Sharecast News) - US futures had stocks opening lower on Thursday as shares in bellwether Caterpillar snk on the back of a significant earnings miss and after downgrading its full-year outlook.
As of 1230 BST, Dow futures were down 0.34%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.23% and 0.18% softer, respectively.

The Dow closed 39.54 points lower on Tuesday as investors continued to focus on US-Sino trade news and thumbed through a slew of earnings from some of the country's top firms.

Caterpillar shares fell 3.82% in pre-market trading after the firm revealed it had earned just $2.66 per share over the ;atest quarter which was well short of the $2.88 expected on the Street. The manufacturer also lowered its full-year earnings per share forecast to $10.59-$11.09 - also well below the $11.70 expected.

Microchip industry proxy Texas Instruments also tumbled, with its stock trading down by 9.22% after revealing fourth-quarter guidance that was markedly below market estimates.

Earnings will continue to roll in on Wednesday too, with Ford, Microsoft and Tesla also set to report throughout the course of the day.

On the data front, August's house piece index will be published at 1400 BST, while crude oil inventory numbers for the week ended 18 October will follow at 1530 BST.

Looking across the Atlantic, market participants were expected to be keeping a keen eye on Brexit proceedings even as European leaders were set to decide on whether to grant the UK another extension until January, which would likely mean a general election.

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