Futures edge lower as earnings roll in

US stock index futures edged lower on Tuesday as corporate reports from bellwethers including 3M, Johnson & Johnson and GE pushed earnings season into high gear, while semiconductor shares pulled back from a bounce in the previous session.

In a week packed with high-profile earnings reports and key economic data, investors will now look to assess the impact of the Federal Reserve’s rate-hiking spree. The central bank is widely expected to raise rates by another quarter of a percentage point
next week.

Industrial conglomerate 3M Co (MMM.N) fell 2.5%, leading the decliners among Dow components in premarket trading, after reporting a fall in quarterly profit, reported Reuters.

General Electric Co (GE.N) slipped 2.6% as it forecast a lower-than-expected 2023 adjusted profit.

Johnson & Johnson (JNJ.N), however, rose 2.2% after the healthcare giant beat estimates for fourth-quarter profit.

Wall Street’s main indexes started the earnings-heavy week on solid ground amid renewed appetite for growth stocks following a battering last year.

After logging its biggest gain in over two months on Monday, Advanced Micro Devices Inc (AMD.O) slipped 2.5% as brokerage Bernstein downgraded the chipmaker to “market-perform” from “outperform” citing a bleak outlook for the PC market.

Other chipmakers including Nvidia Corp (NVDA.O), Intel Corp (INTC.O) and Broadcom Inc (AVGO.O) fell between 0.4% and 1%.