By Anora Mahmudova and Barbara Kollmeyer, MarketWatch
NEW YORK (MarketWatch) -- The U.S. stock market was set to open
slightly higher on Wednesday, as strong earnings from Boeing Co.
and PepsiCo Inc. helped push the main benchmarks toward record
levels.
Futures showed little reaction to news that two Ukrainian
fighter jets were shot down Wednesday near where Malaysia Airlines
Flight MH17 was downed.
Futures for the Dow Jones Industrial Average (DJU4) rose
11points to 17,044, while those for the S&P 500 index (SPU4)
were up 3.2 points to 1,978.10. Futures for the Nasdaq-100 index
(NDU4) gained 12.50 points to 3,963.00.
The data calendar is empty for Wednesday, leaving investors to
fix their attention on corporate earnings. Boeing (BA) climbed 1.7%
in premarket trade after the plane manufacturer lifted its core
earnings-per-share outlook for 2014.
PepsiCo (PEP) picked up 2% ahead of the bell after the company's
second-quarter profit beat estimates and it lifted earnings
guidance.
Delta Air Lines Inc. shares (DAL) climbed 2.2% after the
company's second-quarter profit jumped 17%, driven by higher
passenger and operating revenue.
Whirlpool Corp.(WHR) posted weaker-than-expected earnings, and
shares slid 5% in premarket trade.
Investors also reacted to big tech earnings that came late
Tuesday. Apple (AAPL) shares inched up in premarket action after
earnings that topped expectations. Also read: 5 reasons why Apple
shares could rise another 16% this year.
Microsoft shares climbed 1.4% ahead of the market open after an
analyst's upgrade. The company late Tuesday reported a 7.1% fall in
quarterly profit, disappointing Wall Street forecasters, as it took
a financial hit from the purchase of Nokia Corp's (NOK) cellphone
unit.
After the close, earnings from Facebook Inc. (FB) and AT&T
Inc. (T) will be among the highlights. (Read more about the day's
notable movers here:
http://www.marketwatch.com/story/apple-intuitive-surgical-among-stocks-to-watch-2014-07-23.)
Stock futures were building on Tuesday's gains. The S&P 500
(SPX) finished up 0.5%, to 1,983.56, just shy of its record closing
level reached July 3.
Among other markets, the Stoxx Europe 600 index edged up 0.3%
Wednesday, while Asia also logged a mostly-higher finish.
Crude oil prices (CLU4) rose ahead of key supply data, while
gold prices (GCU4) edged up slightly. The dollar rose against the
British pound (GBPUSD)(GBPUSD) after minutes from the Bank of
England's July meeting showed all members voted to keep monetary
policy loose.
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