trong profits but weaker revenues reported by America’s top companies, coupled with uncertainty over the direction of the US dollar and oil prices have left US markets directionless. Stocks on Wednesday had a weak start that ended up finishing higher, notably this price action was a mirror-image of Tuesday, where a strong start was reversed.
Disappointing Chinese manufacturing data as well as missed sales data from Facebook are contributing to a lower open for US stocks on Thursday ahead of earnings reports from Google, Caterpillar and General Motors.
Facebook reported profit ahead of expectations but revenues surprisingly missed, which is expected to send shares lower at the open.
Google reports its Q1 earnings after the closing bell on Thursday. Google is still a money-making machine but its rising revenues have come short of analyst expectations in three of the last four quarters. The slower revenue growth is in large part to Google’s slow adaption to mobile advertising that has allowed the likes of Facebook to gain market share.
Please find CMC Markets’ full Google Earnings Preview here
General Motors, 3M, Caterpillar, PepsiCo and Procter & Gamble report earnings before the opening bell on Thursday while Amazon, Google and Microsoft all report after the close
Futures suggest the:
will open 6 points lower at 2,101 with the
expected to open 69 points lower at 17,969 and the
18 points lower at 4,442.
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