Stock futures drop as traders wait for a raise

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US stock futures dropped their gains overnight before Wednesday’s session on Wall Street.

Major futures indices suggest a 0.2% drop at the start of trading.

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Wednesday morning’s results table includes results from Verizon, Abbott Labs, AutoNation and Biogen.

Asian stocks were mostly higher on Wednesday, applauded by the gains on Wall Street as investors welcomed a batch of strong earnings reports from US companies.

Japan’s Nikkei 225 benchmark gained 0.3%, Hong Kong’s Hang Seng jumped 0.8%, and China’s Shanghai Composite fell 0.1%.

In Europe, London’s FTSE fell 1.3%, Germany’s DAX fell 0.9%, and France’s CAC fell 1.1%.

Technology, communications, and financials fueled most of Wall Street’s gains. Traders have offered shares in several companies that have released quarterly results above analysts’ expectations, including Procter & Gamble, Regions Financial, Albertsons and Travelers.

Others have not done so well. Netflix shares fell after hours after the streaming service reported third quarter results and a number of new subscribers that fell short of analysts’ expectations.

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U.S. stocks rose on Tuesday with optimism that Congress would reach agreement on a spending package to support U.S. households and businesses during the coronavirus pandemic.

The S&P 500 rose 0.5% to 3,443.12. The Dow Jones Industrial Average for large blue chips was up 0.4% to 28,308.79. The Nasdaq composite broke a five-day losing streak, rising 0.3% to 11,516.49.

TeleprintersecurityLatestChangeChange%
I: DJIMEDIUM DOW JONES28308,79+113,37+ 0,40%
SP500S&P 5003443,12+16,20+ 0,47%
I: COMPINDEX COMPOSITE NASDAQ11516,494418+37,61+ 0,33%

Alphabet, Google’s parent company, rose 1.4% after the Justice Department sued the company for antitrust violations. The lawsuit could be an opening salute ahead of other major government antitrust actions, given ongoing federal investigations into other big tech companies, including Apple, Amazon and Facebook.

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Procter & Gamble rose 0.4% after the consumer products company reported strong first-quarter tax results and raised its earnings outlook. Insurer Travelers Cos. Gained 5.6% after its latest profits exceeded Wall Street estimates, in part on lower-than-expected loss losses.

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In energy trading, US benchmark crude fell 62 cents to $ 41.07 a barrel in e-commerce on the New York Mercantile Exchange. On Tuesday, it gained 63 cents to $ 41.70 a barrel. Brent, the international standard, fell 63 cents to $ 42.53 a barrel.

The Associated Press contributed to this report.

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