U.S. Futures

U.S. Futures were up slightly on Wednesday as earnings continue to be in focus, while news of Chinese economic expansion helped lift sentiment.

 

China posted better than expected gross domestic product of 6.4% in the first quarter, which eased concerns that the second largest economy in the world is slowing. Still, Washington and Beijing have yet to reach a trade deal and the upbeat data could prove short-lived.

 

Dow futures rose 29 points or 0.1% by 6:40 AM ET (10:40 GMT), while S&P 500 futures gained 5 points or 0.2% and tech-heavy Nasdaq 100 futures was up 21 points or 0.3%.

 

Qualcomm (NASDAQ:QCOM) was among the biggest gainers in premarket trading, rising nearly 6% after Apple (NASDAQ:AAPL) unexpectedly made a settlement with the company.

 

The semiconductor company closed 23% higher in the prior session, as Apple agreed to use its modem chips in its iPhone models.

 

Meanwhile Intel (NASDAQ:INTC) gained 3.8% after it announced it would not pursue a 5G smartphone.

 

Netflix (NASDAQ:NFLX) slipped 1.2% after its forecast for second-quarter earnings missed estimates, while IBM (NYSE:IBM) fell 3.6% after a steep decline in revenue.

 

Sprint Corp (NYSE:S) slumped 5.2% after The Wall Street Journal reported that the Department of Justice was unlikely to approve its merger with T-Mobile(NASDAQ:TMUS)e due to antitrust concerns.

 

Jd.Com (NASDAQ:JD) was also down 1.7% after its CEO Liu Qiangdong was sued by a college student in a civil lawsuit, alleging that he raped her last year.

 

Prosecutors declined to charge Qiangdong after he was arrested over the allegations in August.

 

On the earnings front, Morgan Stanley (NYSE:MS), US Bancorp (NYSE:USB), PepsiCo (NASDAQ:PEP) and Abbott Laboratories (NYSE:ABT) are expected to report before the bell.

 

In commodities, gold futures inched up 0.1% to $1,278.95 a troy ounce, while crude oil jumped 0.7% to $64.48 a barrel.

 

The U.S. dollar index, which measures the greenback against a basket of six major currencies, fell 0.1% to 96.542.

 

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