By Devik Jain and Medha Singh
(Reuters)-Wall Street’s key index appeared to be set to open low on Friday after a share of good technology supported Intel and reached record levels. IBM (NYSE :) I fell in response to the quarterly results.
IBM Corp fell 8.2% and was hit by a rare decline in software unit sales, making it the biggest loser in the Dow component trading premarket after missing a quarterly earnings estimate.
Intel Corp (NASDAQ :) Shed about 5% as new CEO Patrick Gelsinger’s post-revenue comments suggested a lack of strong acceptance of outsourcing.
Nasdaq set a record high on Thursday with optimism about further pandemic aid under the Biden administration.
“The short-term momentum (in the equity market) is likely to continue,” said Mark Heppenstor, chief investment officer at Penn Mutual Asset Management in Horsham, Pennsylvania.
“It’s clear that the Fed is stepping on gas, and we feel that liquidity remains high, as there is likely to be some additional form of fiscal stimulus in the short term.”
The Senate Finance Committee will vote for Janet Yellen’s nomination for Treasury Secretary on Friday. This is an early litmus test of bipartisan support for President Joe Biden’s ambitious plans for coronavirus bailouts, infrastructure investments, and tax increases.
Biden has proposed a $ 1.9 trillion coronavirus rescue program and has promised to invest $ 2 trillion in infrastructure, green energy projects, education and research. Some Republicans have expressed concern about the price tag.
At 8:20 EST, the Dow E-mini fell 244 points (0.79%) and the S & P 500 E-mini fell 28 points (0.73%). E-mini decreased by 83.5 points, or 0.62%.
The breakthroughs in the COVID-19 vaccine have brought the three major US stock indexes to record levels. The S & P 500 has risen by more than 14% since the November 3 elections, driven by cyclical rises in energy and banks and an increase in small cap stocks.
However, with a near-level assessment last seen during the dot-com era, many investors have seen a market that could occur if a surprise glitch hits the US deployment of the COVID-19 vaccine. Hedging the turmoil.
Investors will also monitor IHS Markit flash measurements for PMI in manufacturing and services in January. Both are expected to slip due to national pandemic-related regulations.
Energy share Chevron Corp (NYSE :), ExxonMobil (NYSE :) Corp, Conocophillips (NYSE :), Marathon oil Occidental Petroleum Corp (NYSE :), a player focused on Corp (NYSE :) and shale, fell between 1.8% and 3.7%. This reflects a slump in oil prices as the rise in new coronaviruses in China has hurt the outlook for oil demand. [O/R]
Schlumberger NV (NYSE :), the world’s largest oilfield service provider, has joined the rival to predict a steady recovery in the oil industry this year. Still, its share fell 2.4%, tracking weaknesses in the broader sector.
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Wall Street is expected to fall as IBM and Intel fall as a result of Reuters
https://www.investing.com/news/stock-market-news/futures-down-as-ibm-intel-fall-after-results-2396114 Wall Street is expected to fall as IBM and Intel fall as a result of Reuters