Wall St set for lower open as oil prices jump, earnings in focus
SPY•U.S. stock futures pointed lower, with the Dow down 0.1%, the S&P 500 down 0.37% and the Nasdaq 100 down 0.8%, as oil prices rose and investors focused on earnings. Brent crude neared a five-month high amid supply concerns.
1. Futures point lower
Wall Street was set to open lower on Tuesday as weakness in AI-linked stocks and a rebound in oil prices weighed on sentiment. At 8:31 a.m. ET, Dow futures were down 0.1%, S&P 500 futures 0.37% and Nasdaq 100 futures 0.8%.
2. Oil and earnings in focus
Brent crude was near a five-month high as traders priced in a geopolitical risk premium following Houthi attacks on Saudi infrastructure and reports of vessel attacks in the Gulf. Investors were watching corporate earnings this week for signs of whether companies can maintain growth amid macroeconomic risks; results from SpaceX and Netflix were due after Tuesday’s close, followed by Meta Platforms and Tesla on Wednesday.
3. Company shares mixed
General Motors fell 6.5% after forecasting annual earnings below analysts’ expectations, while Steel Dynamics dropped 4.7% after missing third-quarter profit estimates. Halliburton rose 3.9% after beating quarterly profit expectations, and 3M gained 1.8% after expanding its data-center partnership with Amazon, issuing an Amazon subsidiary a warrant to buy 3M stock worth more than $521 million, and raising its full-year profit forecast.
