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U.S. Futures Lower; Tech Earnings and Fed Meeting in Focus

Stock MarketsJan 27, 2021 07:01AM ET
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© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks are seen trading lower Wednesday, with investors focusing on the tech sector as a number of household names report earnings and the Federal Reserve’s latest policy meeting.

At 7:05 AM ET (1205 GMT), the Dow Futures contract was down 226 points, or 0.7%, S&P 500 Futures traded 28 points, or 0.7%, lower, and Nasdaq 100 Futures dropped 15 points, or 0.1%. 

The tech-heavy Nasdaq Composite is likely to outperform Wednesday, after software giant Microsoft (NASDAQ:MSFT) reported a 17% increase in revenue in its fiscal second quarter on a year-on-year basis. Additionally, the company reported its Azure cloud computing services grew 50%, pleasing investors who see this segment as key to the company’s future success.

Earnings from the crucial tech sector continue Wednesday, with investors no doubt hoping Microsoft’s solid numbers reflect well on Apple (NASDAQ:AAPL), Facebook (NASDAQ:FB) and Tesla (NASDAQ:TSLA), who are all scheduled to report after the closing bell.

Aside from these tech big names, the likes of AT&T (NYSE:T), Abbott Labs (NYSE:ABT), Boeing (NYSE:BA), General Dynamics (NYSE:GD) and Corning (NYSE:GLW) are due to report before the opening bell. 

The GameStop (NYSE:GME) saga is set to continue Wednesday. The company’s stock has continued to soar premarket in volatile trading, with retail investors emboldened by a tweet from CEO founder Elon Musk linking to a popular Reddit discussion thread. 

Investment firm Melvin Capital has announced that it had closed out its short position in GameStop. Short sellers in the stock are down $5 billion on a mark-to-market, net-of-financing basis in 2021, according to analytics firm S3 Partners. 

Also of note Wednesday is the conclusion of the latest two-day meeting of the Federal Reserve, at 2 PM ET (1900 GMT), its first under the Biden administration. The central bank is not expected to alter its stance on rates or asset purchases, and is likely to recommit to a highly accommodative policy stance.

Fed Chairman Jay Powell is expected to offer more insights on the progress of the recovery and the Fed’s view on growth for this year.

The key economic release Wednesday is durable goods orders for December, with growth expected to slow to 0.9% from 1.0% in November.

Oil prices climbed Wednesday, boosted by industry data showing U.S. crude stockpiles fell unexpectedly last week.

Data from the American Petroleum Institute, released Tuesday, showed a draw of 5.272 million barrels for the week ending Jan. 22, compared with a forecast for a 603,000-barrel build. The U.S. Energy Information Administration data are due later Wednesday.

U.S. crude futures traded 0.1% higher at $52.62 a barrel, while the international benchmark Brent contract rose 0.1% to $55.71. 

Elsewhere, gold futures fell 0.7% to $1,837.30/oz, while EUR/USD traded 0.4% lower at 1.2116.

 

U.S. Futures Lower; Tech Earnings and Fed Meeting in Focus
 

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Comments (11)
Mike Chen
Mike Chen Jan 27, 2021 10:05AM ET
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Investors sold their portfolio and buy gamestop?
Fernando Ortiz
Fernando Ortiz Jan 27, 2021 9:03AM ET
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What fools, indexes are buys so is gold so is crude..market went down because of boeing..and it needed a flush..this is a SMALL pullback.
tom miranda
tom miranda Jan 27, 2021 8:43AM ET
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Is this what the next 4 years is going to look like?
Scott Bailey
Scott Bailey Jan 27, 2021 8:42AM ET
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What happened to the BIDEN BUMP!
Jack Richards
OilRaider Jan 27, 2021 8:42AM ET
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The Post TRUMP SLUMP
Vlad Lozovskiy
Vlad Lozovskiy Jan 27, 2021 8:28AM ET
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From now on get used to things fall.  Maybe it will rise on some sort of stimulus but then fall again.
Daniel Lu
Daniel Lu Jan 27, 2021 7:58AM ET
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Buy VIX at the opening bell
Matt Kay
Matt Kay Jan 27, 2021 7:54AM ET
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Hope it crashes and burns 50%. Stonks overvalued by a factor of 10
mad god
mad god Jan 27, 2021 7:54AM ET
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you are not in market?
Abe Jackson
Abe Jackson Jan 27, 2021 7:54AM ET
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lol ****bears get squeezed when this market keeps making them shake thier head in disbelief.
Jeff Chevalier
Jeff Chevalier Jan 27, 2021 7:54AM ET
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I went all cash January 18th. $238k gonna be fun buying back in a month or so.
Venkatesh S
Venkatesh S Jan 27, 2021 7:50AM ET
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It requires something extra ordinary in today's Fed policy action to make markets recover
Kristof Naessens
Kristof Naessens Jan 27, 2021 7:43AM ET
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Commodities as well. Somebody is trying to let us believe that real negative intrest rates and very close future of trillions of dollars printing is bad for silver and gold!
The Chad Bull
The Chad Bull Jan 27, 2021 7:26AM ET
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They will print more money don’t worry folks buy that dip!
William Smith
William Smith Jan 27, 2021 7:19AM ET
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Biden destroying America, your freedoms and the economy one executive order at a time.
The Chad Bull
The Chad Bull Jan 27, 2021 7:19AM ET
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Presidents are puppets. The fed is in charge.
Cameron Thomas
Cameron Thomas Jan 27, 2021 7:19AM ET
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Us30 still up 1000+ points since he won 🤔
Jeff Chevalier
Jeff Chevalier Jan 27, 2021 7:19AM ET
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That's enough with your logic and facts Cameron. No place for that here!
Raw Quantum
Raw Quantum Jan 27, 2021 7:19AM ET
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Figures....Were going to argue over useless presidents while our wealth is stolen? While China and Russia are giving high fives. Take that energy to corp greed before u sink our boat.
Scott Bailey
Scott Bailey Jan 27, 2021 7:19AM ET
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Cameron Thomas didnt take long for that to go away! One week and everything is a mess already... so much for the biden pump!!
 
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