Wall Street equities were a bit steadier after opening sharply lower in Tuesday’s early deals.
The Dow Jones, at about 11:00am, was down 98 points or 0.6% changing hands at 15,928 while S&P 500 and Nasdaq each moved about 0.5% lower.
It follows weakness in Asia - specifically Japan, where the Nikkei dropped more than 900 points or 5.4% - and as Germany’s industrial production in December fell to lows not seen in four months.
Oil prices also remain a focus. And West Texas Intermediary crude was still just below $30 per barrel, while Brent was changing hands just above of $32.
Several big name earnings reports were in focus.
Coca-Cola Co (NYSE:KO) shares moved slightly higher to $42.80 after it had better than expected revenue and profit in the fourth quarter.
Mass media group Viacom (NASDAQ:VIAB) slumped $5.67, 13.5%, to $36.21. Its earnings report revealed a lacklustre performance for the Paramount Pictures business and as the MTV and Comedy Central TV networks had weak ratings.
Department store retailer Sears (NASDAQ:SHLD) gave up 4.6% to $15.95 after its earnings fell short of expectations and said it would accelerate closures of unprofitable stores.
Fast food restaurant chain Wendy’s (NASDAQ:WEN) fell 5% to $9.64 even though its fourth quarter was slightly better than expected.
Hotels firm Wyndham Worldwide (NYSE:WYN) gained almost 3% as its results were also ahead of the Street’s expectations.
Wall Street futures point to lower open
Futures indices bode ill for the start of Tuesday’s trading, with the Dow Jones indicating a triple-digit loss on the open.
At 16,027 futures for the Wall Street’s blue-chip benchmark are down 123 points, while the S&P 500 and Nasdaq Composite also point lower.
It follows weakness in Asia – specifically Japan, where the Nikkei dropped more than 900 points or 5.4% - and as Germany’s industrial production in December fell to lows not seen in four months.
Oil prices also remain a focus. And West Texas Intermediary crude was still just below $30 per barrel, while Brent was changing hands just shy of $33.
In the coming hour, ahead of New York’s opening bell, attentions will focus more on corporate earnings.
Coca-Cola (NYSE:KO), Viacom (NASDAQ:VIAB, Sears (NASDAQ:SHLD) and Wendy’s (NASDAQ:WEN) and hotel firm Wyndham (NYSE:WYN) are among those reporting today.