SPX daily
S&P 500 futures are down 0.4% ahead of the open in what’s become a familiar pattern. Over the past week, stock futures have been weak only to see buying throughout the day and decent closes.
The index hit a record high on Thursday but has seen some mild profit taking since.
Eyes are on McDonald’s after a E.coli outbreak sent shares as much as 10% lower. They’re now down about 6%. Shares of Starbucks are also down 3% after abandoning its guidance for next year.
Coca-Cola highlighted a stable global economic backdrop but has seen shares fall 2% in the pre-market despite beating estimates. Boeing also announced a huge loss but shares are relatively flat as the company has been beaten up.
Texas Instruments shares are higher after earnings but the company said the industrial market remains weak, having seen 8 quarters of decline and is down more than 30% from peak. They note that three markets (personal electronics, enterprise systems, and communications equipment) are showing cyclical recovery.
After the close today, Tesla earnings are highly anticipated.