© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 4, 2023. REUTERS/Brendan McDermid
QCOM
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AAPL
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ESM3
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1YMM3
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NQM3
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PACW
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WAL
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SWKS
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QRVO
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PYPL
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(Reuters) – U.S. stock index futures were set to open lower on Tuesday, with a slew of dour earnings forecasts from companies such as Apple supplier Skyworks weighing on sentiment, while investors focused on a debt-ceiling deadlock.
Regional bank shares, which had failed to hold on to their short-lived bounce a day earlier, extended declines, with Pacwest Bancorp (NASDAQ:PACW) PACW.O falling 10.1% and Western Alliance (NYSE:WAL) WAL.N dropping 3.2% in premarket trading.
Markets are waiting for an update on the debt ceiling from a meeting between U.S. President Joe Biden, Republican House Speaker Kevin McCarthy and other congressional leaders at the White House later in the day.
Worries of a potential government default loom over Washington as early as June 1, if Congress does not act to resolve the deadlock.
Yields on U.S. short-dated Treasury bills US1MT=RR, US2MT=RR jumped sharply as investors sold off bonds, which mature as early as June. That weighed on shares of high-growth companies, including Apple Inc (NASDAQ:AAPL) AAPL.O and Microsoft Corp (NASDAQ:MSFT) MSFT.O, which fell about 0.5% each.
The action-packed week will see the release of the much-awaited inflation data on Wednesday. The Labor Department’s consumer price index (CPI) is expected to climb 0.4% in April after gaining 0.1% in March.
Reports on producer prices, weekly jobless claims and consumer sentiment are all lined up for the week.
“What you’re seeing is a market trying to understand where we are economically, with the Federal Reserve raising interest rates to up to 5% in a very short amount of time,” said Robert Pavlik, senior portfolio manager at Dakota Wealth.
“It would behove the Fed to pause and see what kind of impact their moves have on the overall economy.”
At 8:50 a.m. ET, Dow e-minis 1YMcv1 were down 82 points, or 0.24%, S&P 500 e-minis EScv1 were down 15.25 points, or 0.37%, and Nasdaq 100 e-minis NQcv1 were down 73.25 points, or 0.55%.
Chip-gear maker Skyworks Solutions (NASDAQ:SWKS) Inc’s SWKS.O shares tumbled 11.7% after forecasting current-quarter revenue and earnings below estimates.
Investors were optimistic about Skyworks after Apple’s strong quarterly showing on Thursday. Shares of other Apple suppliers including Qualcomm (NASDAQ:QCOM) QCOM.O and Qorvo (NASDAQ:QRVO) QRVO.O fell 0.9% and 2.3%, respectively.
PayPal (NASDAQ:PYPL) Holdings PYPL.O dropped 7% after a cut to its margin forecast.
Novavax (NASDAQ:NVAX) NVAX.O added 8.3% as the drugmaker plans a 25% cut to its global workforce.
Shares of Lucid Group LCID.O slid 9.2% as the EV maker reported lower-than-expected first-quarter revenue. Tesla (NASDAQ:TSLA) Inc TSLA.O also fell 1.1%
Wall Street’s three main indexes ended the previous session flat, but the growth-oriented Nasdaq 100 index .NDX touched a more than eight-month high, while the NYSE FANG+TM index .NYFANG jumped to its highest since April 2022.
Graphic: LPL’s Debt ceiling sell-off graphic: April-Oct 2011 – https://globalrubbermarkets.com/wp-content/uploads/2024/08/wall-st-eyes-lower-open-on-dim-earnings-forecasts-debt-ceiling-talks-awaited.png
Source: Investing.com
