After pushing into the highs of last week, the Dow Jones Industrial Average closed lower on Tuesday and is setting up for a lower open on Wednesday as is the S&P 500 while the Nasdaq is looking slightly positive. Concerns are building over a trend of revenue-misses in quarterly earnings. Revenues from blue-chip companies including Dow components Travellers, DuPont and IBM were all a cause for concern. Healthcare stocks were outperformers on news that Teva made an offer for generic drug company rival Mylan valued at over $40bn. Mylan has already made an offer to smaller rival Perrigo so chances are that negotiations will become quite drawn out. Healthcare could get another boost on Wednesday led by biotech giant Amgen which is expected to open higher after beating top and bottom line estimates and raising its full year guidance. Shares of Pizza Hut and KFC-owner, Yum Brands are expected to open higher on optimism that the meat-scare has not hit sales as badly as expected in China, the company beat profit expectations. Since the tech sector has become such a dominant source of profit growth, the next few days which include earnings from Facebook, Google, Apple and Twitter are an especially sensitive part of the earnings season. Yahoo! hasn’t got things off to the best of starts by missing profit estimates; however shares are not expected to be too heavily punished on optimism over the recently renegotiated deal with Microsoft over search. Oil prices dropped sharply on Tuesday following a surprisingly strong inventory build reported by the American Petroleum Institute and the end of Saudi Arabia’s bombing campaign in Yemen. Whether oil can continues its recovery and build on its new 2015 highs will likely depend on the International Energy Agency’s own crude inventories data on Wednesday. Boeing, Coca-Cola and McDonald’s report quarterly earnings before the open on Wednesday, while Facebook, eBay, AT&T, Qualcomm and Texas Instruments report after the closing bell. Futures suggest the: S&P 500 will open 6 points lower at 2,091 with the Dow Jones expected to open 61 points lower at 17,888 and the Nasdaq 100 1 point higher at 4,418. CMC Markets is an execution only provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.