Home ›› 25 Apr 2023 ›› Stock

Futures slip as investors brace for tech earnings, economic data

Agencies . New York
25 Apr 2023 00:00:00 | Update: 25 Apr 2023 00:56:05
Futures slip as investors brace for tech earnings, economic data

Wall Street futures slipped on Monday ahead of a busy week for earnings, with investors also awaiting key economic data that could shed light on the U.S. economy and shape the Federal Reserve’s monetary policy.

Heavyweights including Alphabet Inc (GOOGL.O), Microsoft Corp (MSFT.O), Amazon.com Inc (AMZN.O) and Meta Platforms Inc (META.O), whose shares have supported markets this year, are scheduled to report results this week.

“Not only must these companies beat, but they must also guide to a re-acceleration of EPS growth in the second quarter and beyond ... that’s what the Street is looking for,” said Nicholas Colas, co-founder of DataTrek Research, reported Reu-ters.

Wall Street has largely held steady through the start of the earnings season as results from the big banks came in stronger than expected, allaying concerns about a contagion from the banking crisis in March.

Focus also remains on signs of inflation and economic slowdown pressuring margins for consumer companies.

Coca-Cola Co (KO.N) gained 1.3% in premarket trading after the beverage giant beat estimates for quarterly results on re-silient demand for its sodas despite multiple price increases.

Of the 88 S&P 500 companies that reported results through Friday, nearly 76% beat analysts’ first-quarter profit estimates, as per Refinitiv IBES data, above the long-term average of 66.3%.