Solid Earnings Reports Fail To Support US Stock Futures

US stock futures have moved lower in early trading, despite several large cap companies reporting earnings after last night’s close and early this morning. While futures for the Dow Jones Industrial Average reversed gains earlier in the day to lose 12 points to 10326, those for the S&P 500 slipped half a point to 1110.50. Meanwhile, NASDAQ 100 futures gained 1 point to 1842.

General Electric (NYSE: GE) beat Wall Street estimates. Its earnings were down 19% from the same period a year ago. Other companies that also excelled on results were American Express (NYSE: AXP) and Google (NASDAQ: GOOG). However, despite positive quarterly results from these companies, their stocks declined in pre-market trading.

Most stocks suffered heavily from negative market sentiments yesterday and saw the worst one-day decline in nearly three months after bank shares tumbled under the threat of new regulations. The basic-materials sector also felt the pressure, as concerns surrounding global tightening made investors wary.