US stock futures ease on earnings results

Staff Writer
Columbus CEO

NEW YORK (AP) — U.S. stock futures headed lower early Friday as a handful of big companies posted weaker results than Wall Street expected. Amazon's shares sank after it posted a quarterly loss.

KEEPING SCORE: Dow Jones industrial average futures fell 25 points, or 0.1 percent, to 16,973 as of 8:35 a.m. Eastern time. Standard & Poor's 500 index futures slipped four points, or 0.2 percent, to 1,977. Nasdaq 100 futures fell 14 points, or 0.4 percent, to 3,958.

For the week, however, stronger earnings reports have helped push the S&P 500 up 0.5 percent, extending its gains for the month to 1.4 percent.

MISSED: Amazon's stock slumped 11 percent in premarket trading after the online retail giant posted a wider loss than analysts had forecast. Spending on new services and gadgets pinched profits, although sales jumped 23 percent to $19.3 billion in the second quarter. Amazon was down $41.41 to $317.42.

THE GOODS: Orders for long-lasting manufactured goods rebounded in June, helped by rising demand for commercial aircraft and machinery. The Commerce Department said that orders for durable goods increased 0.7 percent last month. Economists expect economic activity will pick up in the latter half of the year, helped by stronger factory production.

EUROPE: Major markets in Europe traded lower. Germany's DAX slipped 0.5 percent, while France's CAC 40 lost 0.8 percent. Britain's FTSE 100 slipped 0.1 percent.

BONDS AND OIL: The yield on the 10-year Treasury note eased to 2.49 percent from 2.50 percent late Thursday. Bond yields fall when prices rise. Benchmark U.S. crude oil fell 40 cents to $101.67 a barrel on the New York Mercantile Exchange