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Stock Futures Trim Gains as Investors Monitor Boston Manhunt

Tickers in this article: DELL GE IBM MCD ^DJI ^GSPC ^IXIC

NEW YORK ( TheStreet) -- Stock futures were tracking the global markets higher Friday but paring gains after a set of mixed earnings reports from bellwethers General Electric and McDonald's raised concerns about the global economy.

Police continued to search Boston and adjacent towns for one of two men allegedly behind the bombing on Monday that left three people dead and scores maimed. The focus was on the city of Watertown where all vehicular traffic has been banned, the Boston Herald reported.

Public transportation had been suspended in and around Boston as SWAT teams were going door-to-door in Watertown, according to the Herald. Residents in Boston, Watertown, Cambridge, Newton, Waltham, Belmont and elsewhere have been ordered to stay home with doors locked.

In the markets, McDonald's was slipping 1.43% to $100.45 after the hamburger chain warned that its April global comparable sales may be slightly negative amid a "challenging global environment" and as "bottom-line pressures are expected to persist." The company reported first-quarter earnings of $1.26 a share, missing estimates by a penny, on in-line revenue of $6.605 billion as global same-store sales fell 1% and U.S. comparable sales decreased 1.2%.

General Electric was slumping 2.56% to $22.09 after the industrial conglomerate booked in-line first-quarter adjusted earnings of 35 cents a share on better-than-expected revenue of $35 billion as GE's sale of NBCUniversal and an increase in revenues from its oil and gas, and aviation equipment was overshadowed by a "challenging environment" in Europe where conditions "weakened further" and sent its industrial sales tumbling. Revenues were expected to total $34.51 billion, according to analysts surveyed Thomson Reuters.

According to Thomson Reuters, the blended estimate for the first quarter, which reflects reported results and analyst expectations, is for year-over-year growth of 1.7% from the S&P 500 , down from 6.3% in the fourth quarter. 12% of S&P 500 companies have reported so far.

Futures for the S&P 500 were rising 6.5 points, or 4.24 points above fair value, to 1,540.5 after dipping Thursday to its lowest point since Mar. 6 as eBay and UnitedHealth Group posted first-quarter earnings that fell short of expectations, fueling concerns about the U.S. economic recovery.

The benchmark index is down more than 3% from its record close on Apr. 11, fuelling worries about a "spring break" in the equities market. At the same time though the S&P 500 has leaped more than 120% from its 12-year low hit in 2009 with the Federal Reserve now carrying out its third round of asset purchases in hopes of speeding up the U.S. economic recovery.

Futures for the Dow Jones Industrial Average were gaining 35 points, or 26.14 points below fair value, to 14,445. Futures for the Nasdaq were adding 12 points, or 16.4 points above fair value, to 2,751.5.