US equity futures were trending lower before the market opened on Tuesday as traders awaited the earnings reports from several key companies. The Standard & Poor's 500 and the Dow Jones Industrial Average both declined by 0.5% during premarket activity, while the Nasdaq composite saw a decrease of 0.6%.
Asian exchanges displayed a mixed trend, with some trading lower, while European markets were largely negative, tracking in the red. In particular, several prominent companies are set to report their latest financial results before the opening bell. These companies include GE Aerospace, Danaher, Philip Morris International, Verizon Communications, RTX, Lockheed Martin, Fiserv, Sherwin-Williams, 3M, General Motors, and Genuine Parts, among others. Later in the day, Texas Instruments is scheduled to post its earnings figures after the markets close. Interestingly, the US-listed shares of SAP saw a rise of 3% in premarket trading after the German enterprise software company announced its latest quarterly results.
In contrast, shares of Nucor experienced a decline of 3.3% as the steel production giant conveyed expectations of a sequential decrease in profits for the fourth quarter. Meanwhile, Nvidia’s stock edged down 0.4% in early trading. Looking at the economic calendar for Tuesday, it appears quite thin, with the Richmond Fed Manufacturing Index for October set to be released at 10 AM ET.
Additionally, Philadelphia Fed President Patrick Harker is expected to speak at the same hour. Before the opening bell, bitcoin experienced a decrease of 0.8%, settling at $67,117. On the commodities front, West Texas Intermediate crude oil gained 0.9% to reach $71.22 a barrel. U.S. Treasury yields on the 10-year note advanced by 2.6 basis points, bringing the yield to 4.21%.
Gold prices also saw an increase of 0.5%, reaching $2,752 an ounce..