Stock futures are posting to a modest slide at the open on Wednesday, as the markets are digesting some disappointment on the earnings front and a decline in durable goods orders while awaiting the Federal Reserve's Beige Book report. The major index futures are all in negative territory, with the Dow futures down by 20 points.
In earnings news, Boeing Co. (BA) reported second-quarter earnings of $1.06 per share, topping forecasts for $1.01 per share, while revenues for the quarter were $15.57 billion, short of projections of $16.13 billion for the period.
Sprint Nextel Corp. (S) reported a wider second-quarter net loss compared to last year, with a loss of $0.25 per share compared a loss of $0.13 per share last year. On average, analysts expected a loss of $0.20 per share for the quarter.
The company also posted second-quarter revenues of $8.02 billion, which were just short of the $8.03 billion estimated on Wall Street.
ConocoPhillips (COP) reported a surge in second-quarter earnings to $2.77 per share, while its adjusted quarterly earnings came in at $1.67 per share. Analysts had forecast the firm to earn $1.56 per share for the quarter.
On the economic front, the Commerce Department said that orders for manufactured goods meant to last for at least three years fell for the second consecutive month in June, with the decrease partly due to a continued drop in orders for transportation equipment.
The report showed that orders for durable goods fell by 1.0 percent in June following a revised 0.8 percent decrease in May. Economists surveyed by Thomson Reuters expected durable goods orders to rise 1 percent in June compared to the 0.6 percent decline that had been reported for the previous month.
Excluding a 2.4 percent decrease in orders for transportation equipment, durable goods orders fell by a more modest 0.6 percent in June compared to a 1.2 percent increase in the previous month. The decrease came as a surprise to economists, who had expected ex-transportation orders to increase by 0.6 percent.
At 10:30 a.m. ET, the Energy Information Administration will release its customary weekly oil inventory report for the week ended July 23rd. Ahead of the report, crude oil futures are down by $0.47 at $77.02 a barrel.
In the afternoon, the Federal Reserve will release its Beige Book report, an assessment of economic conditions in the 12 Federal Reserve districts. The markets are eagerly anticipating the commentary after Fed Chairman Ben Bernanke said that the economic outlook is "unusually uncertain" earlier this month. The report is scheduled for a 2:00 p.m. ET release.
Stocks closed on opposite sides of the unchanged mark on Tuesday, as a mixed batch of economic data and solid quarterly earnings results divided market sentiment on the day. The Dow gained 12 points to close at 10,538, while the Nasdaq declined by 8 points to 2,288 and the S&P 500 slipped by 1 point to 1,114.
In overseas trading, stock markets across the Asia-Pacific region ended mostly higher on Wednesday. Japan's benchmark Nikkei 225 surged up by 2.7 percent, while Hong Kong's Hang Seng Index advanced by 0.6 percent.
Meanwhile, the major European markets are moderately lower. The U.K.'s FTSE 100 Index and the German DAX Index are both down by 0.6 percent, while the French CAC 40 Index is down by 0.1 percent.
On the currency front, the dollar is flat against the euro, trading at $1.2977, and is little changed at $1.5602 against the pound. Meanwhile, the greenback is lower versus the Japanese yen, trading at 87.64 yen.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.