Wall Street eyes muted open as investors weigh earnings; chips, oil stocks fall
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UnitedHealth falls after Q3 results
Johnson & Johnson down following results
Banks broadly gain after earnings
Boeing up after it lines up $35 bln in funds
Futures: Dow down 0.03%, S&P 500 up 0.02%, Nasdaq flat
Updated at 8:30 a.m. ET/1230 GMT
By Lisa Pauline Mattackal and Purvi Agarwal
Oct 15 (Reuters) - Futures pointed to a subdued open for Wall Street's main indexes on Tuesday, asinvestors tooka breather after a rally in the previous session and parseda mixed set ofquarterly results from companies such as UnitedHealth and Bank of America.
Losses in semiconductor companies and oil stocks also weighed on sentiment, withAI-darling Nvidia NVDA.O down 0.7% in premarket trading following a record high close on Monday, after a report the U.S. is considering limiting exports of advanced artificial intelligence chips from the company and other U.S. peers to some countries.
Shares of Advanced Micro Devices AMD.O lost 1%.
Meanwhile, oil companies tumbled, with Exxon Mobil XOM.N and Occidental Petroleum OXY.N down 2.7% and 3%, respectively, as crude prices dropped 4%. O/R
Among a slew of earnings, healthinsurer UnitedHealth UNH.N dropped 3.7% after reporting a surge in medical costs in the third quarter. Johnson & Johnson JNJ.N also reversed course to fall 1%, despitelifting its annual profit and sales forecast.
Dow E-minis 1YMcv1 were down 12 points, or 0.03%, U.S. S&P 500 E-minis EScv1 were up 1.25 points, or 0.02%, Nasdaq 100 E-minis NQcv1 were up 0.75 points, or flat.
"Nothing has really happened just yet to offer any good guidance for investors," said Sam Stovall, chief investment strategist at CFRA Research.
On a brighter note, financial shares gained ground after several major banks reported results, adding to optimism around the sector after a set of reports from institutions including JPMorgan Chase JPM.N kicked off the third-quarter reporting season on an upbeat note last week.
Bank of America BAC.N jumped 2% after beating third-quarter profit estimates, Goldman Sachs GS.N was up 2.9% as its profit rose on a continued boost from investment banking, while Charles Schwab SCHW.N soared 9.4% after beating estimates.
"The financial sector (is) experiencing upward revisions to third-quarter earnings estimates, but all that's happening is that it's going from a low single digit gain to a mid-single digit gain - certainly not knocking the ball out of the park," Stovall said.
A number ofS&P 500 companies are scheduled to report results throughout the week, which will help investors gauge the health of the U.S. economy. Large companies willalso need to justify their expensive stock valuations, particularly in the tech sector, where valuations have grown increasingly inflated inthe past year.
All three major indexes jumped on Monday, with the S&P 500 .SPX and Dow Jones .DJI notching record highs for the second consecutive session.
The Dow closed above the 43,000-mark for the first time, while the benchmark S&P 500 is nearing the psychologically significant 6,000 level.
Boeing BA.N rose 1.1% after the planemaker filed to raise up to $25 billion through a stock and debt offering and entered into a $10 billion credit agreement amid a crippling strike and upcoming debt maturities.
Traders are pricing in about an 88% chance the Fed will cut rates by 25 basis points in November and a slight probability it will leave rates unchanged, according to CME's FedWatch.
Speeches from Federal Reserve officials Adriana Kugler, MaryDaly and Raphael Bostic are also on deck, while economic data including monthly retail sales figures are due on Thursday.
Reporting by Lisa Mattackal and Purvi Agarwal in Bengaluru; Editing by Pooja Desai
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