Stock futures saw a dip on Wednesday as tensions escalated in the Middle East following a tragic explosion at a hospital in Gaza, resulting in the loss of more than 500 lives. Expressing solidarity with Israel, President Joe Biden arrived in Tel Aviv.
Corporate Earnings Take Center Stage
Investors continued to focus on corporate earnings, with Tesla (TSLA) and Netflix (NFLX) set to report their results after the closing bell on Wednesday.
Stocks Poised for Movement
Several stocks are expected to make notable moves on Wednesday:
United Airlines (UAL): Despite reporting better-than-expected third-quarter earnings, the airline's shares declined by 4.8% in premarket trading. The downward trend was attributed to a gloomier fourth-quarter outlook due to increased fuel costs and service interruptions to Israel, as a result of the ongoing Israel-Hamas conflict which has endured for over a week.
J.B. Hunt Transport Services (JBHT): This trucking and logistics company reported third-quarter earnings that fell below expectations, reflecting weaker freight demand. Revenue for the quarter stood at $3.16 billion, marking an 18% decline from the previous year.
Morgan Stanley (MS): As the investment bank prepares to release its third-quarter earnings before the stock market opens, analysts anticipate an earning of $1.31 per share on $13.2 billion in revenue. Given the lackluster environment for investment banking over the past year, Morgan Stanley's results are expected to mirror this sentiment. Prior to the report, the stock experienced a slight decline of 0.8%.
Procter & Gamble (PG)
Procter & Gamble (PG) is set to release its fiscal first-quarter earnings today. Analysts are expecting the consumer products giant to earn $1.72 per share on sales of $21.6 billion.
ASML, the semiconductor company listed on the Amsterdam stock exchange, reported better-than-expected third-quarter earnings. However, the company stated that it anticipates revenue in 2024 to be similar to 2023. This cautious outlook is due to the uncertainty surrounding the industry's demand recovery. ASML shares traded in the U.S. declined by 2.1%.
Interactive Brokers Group (IBKR)
In premarket trading, Interactive Brokers Group (IBKR) saw a decline of 3.3%. The electronic brokerage reported third-quarter adjusted earnings and revenue that exceeded estimates. Additionally, the company noted a 21% increase in customer accounts, totaling 2.43 million.
Upcoming Earnings Reports
Several companies are expected to release their earnings reports before the stock markets open on Wednesday. These include Abbott Laboratories (ABT), Elevance Health (ELV), U.S. Bancorp (USB), Travelers (TRV), Nasdaq (NDAQ), and Ally Financial (ALLY).
After-Market Earnings Reports
In addition to Tesla and Netflix, which are widely anticipated, several other companies will also be reporting their quarterly earnings after the markets close. These companies include Lam Research (LRCX), Las Vegas Sands (LVS), Alcoa (AA), and Discover Financial (DFS).
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