NEW YORK (AP) — Weak earnings and what appears to be a growing consensus that the government can ease back on economic stimulus programs are pushing futures lower.

Dow Jones industrial futures gave up 47 points to 15,427. S&P futures fell 4.7 points to 1,689.20. Nasdaq futures slipped 6 points to 3,112.

U. S. markets suffered their worst decline since June after two officials with the U. S. Federal Reserve suggested Tuesday that a massive government bond-buying program could be relaxed.

Charles Evans, president of the Fed's Chicago regional bank, who has strongly backed the program, said that the central bank is "quite likely" to trim bond purchases this year.

Evans qualified those comments saying that any action would depend on an improving economy.

Those comments echoed those of Dennis Lockhart, president of the Federal Reserve Bank of Atlanta, earlier in the day.

The U. S. has been spending $85 billion every month to acquire bonds, which has kept interest rates at historic lows and induced active investments in the market.

Though neither of the Fed officials broke new ground with their comments, as has been seen in previous incidents, the markets took them as a cue to sell.

That sell-off appeared to continue Wednesday, and some weak earnings added more downward pressure.

Duke Energy reported a sharp fall-off in profit Wednesday for its most recent quarter with mild weather cooling demand for power, on top of the huge costs of shutting a nuclear plant in Florida.

Disney, which had a profitable quarter, fell in premarket trading after saying late Tuesday that it may take a loss on "The Lone Ranger," which bombed at the box office.

First Solar is down 6 percent after falling short of Wall Street expectations. The company also cut its outlook.

The Federal Reserve is expected to report that consumers increased their borrowing in June. That report is due at 3 p.m. Eastern.

About News.net

Publishing Services International Limited (PSIL) is the publisher and operator of a worldwide network of online news sites dedicated to delivering fair, accurate and relevant reporting from a variety of the world’s most trusted sources – from the biggest cities to the smallest towns.

We deliver positive and powerful messages to our readers, providing up‑to‑the‑second news that matters to the individual.

Our promise is to serve communities and individuals worldwide, delivering information that hasn’t always been available to them. We will give them back a voice – a voice that’s empowering because it is theirs – and provide a platform to communicate between themselves and the world.

We believe people are not just generic demographics; they are individuals with their own preferences and curiosities. We are about understanding these individuals, listening to them, and serving them.

We are the new pioneering spirit of news – we’re not talking to everyone, we’re talking with every one.

If you want your news, your voice, your way, on your time – we’ve got news for you.

 

FAQs

Email

If you have any questions or concerns please email us on support@news.net

Phone

  • Australia, Toll Free 1-800-983-421
  • Hong Kong, Toll Free 800-906-187
  • Singapore, Toll Free 800-852-3871
  • USA/Canada, Toll Free 1-800-830-4132

Advertise With Us

Interested in being awesome?
Contact us by email or phone.

Cancel