Stocks Futures Digest P&G, Boeing, Weak Durable Goods Report
NEW YORK ( TheStreet) -- Stock futures were pointing to a mixed open Wednesday as investors digested earnings reports from Boeing
The Census Bureau reported that durable goods orders fell 5.7% in March after rising 5.7% in February. Orders excluding the transportation component slid 1.4%. Economists polled by Thomson Reuters, on average, estimated durable goods orders would fall 2.8% and that core durable goods orders would rise 0.5%.
"A disappointing report that was significantly weaker than our expectations," noted John Ryding and Conrad DeQuadros, economists at RDQ Economics in New York. "This report raises further questions about whether the pace of manufacturing growth is slackening as the economy heads into the second quarter."
Boeing was gaining 3.2% in premarket trading to $91 after the aerospace giant exceeded first-quarter expectations with earnings of $1.73 a share on revenue of $18.9 billion as higher deliveries on the Boeing 737 and Boeing 777 models offset lower 787 Dreamliner deliveries.
Procter & Gamble was tumbling 3.5% to $79.65 after the consumer goods behemoth predicted fiscal fourth-quarter earnings of 69 cents to 77 cents a share, short of Wall Street's 81 cent target.
Futures for the Nasdaq were down 3 points, or 8.32 points below fair value, to 2,820.
U.S. stocks indexes closed near session highs Tuesday after a Twitter hacking event sent the Dow Jones Industrial Average crashing by nearly as many points as there are characters in a single tweet.
"One of the main reasons for the market rally is the continued easing policies from the Federal Reserve, " Brian Amidei, HighTower Palm Desert's managing director and partner, said in an emailed comment. "This has allowed the markets to disregard some of the less than positive economic reports that we have seen over the last several months."
"We do not see the Fed changing its policy over the summer so we believe that after the short-term volatility we are seeing markets will be higher at years end, " Amidei said.