Futures on shaky ground after disappointing earnings forecasts
Timilehin Adejumobi
1 min read
U.S. stock index futures fell in the early hours of Tuesday on downbeat earnings forecasts from Apple supplier Skyworks and payments company PayPal, ahead of much-awaited inflation data later in the week.
At 5:26 a.m. ET, Dow e-minis were down 123 points, or 0.37%, S&P 500 e-minis were down 15.75 points, or 0.38%, and Nasdaq 100 e-minis were down 57.5 points, or 0.43%.
Chip gear maker Skyworks Solutions Inc’s (SWKS.O) shares tumbled 9.8% in premarket trading after projecting its current-quarter revenue and earnings short of estimates.
Investors were hopeful of Skyworks’ earnings following Apple Inc’s (AAPL.O) strong quarterly showing on Thursday, but global smartphone sales have been suffering from weak demand.
Shares of other Apple suppliers including Qualcomm (QCOM.O) and Qorvo (QRVO.O) fell 0.5% and 1.6%, respectively.
PayPal Holdings (PYPL.O) dropped 4.5% after a cut to its outlook for annual adjusted operating margin overshadowed its profit forecast raise.
This report’s information was first seen on REUTERS; to read more, click this link.
