Caterpillar, Yelp among biggest premarket movers
Credit: Reuters/Brendan McDermid
Traders work on the floor of the New York Stock Exchange October 22, 2014.
* Major indexes traded higher for much of Wednesday's session but turned lower in afternoon trading, pressured in part by a shooting at the Canadian parliament.
* AT&T Inc (T.N) fell 1.4 percent to $34 in premarket trading, a day after the telecom giant reported weaker-than-expected revenue growth and cut its full-year forecast for consolidated revenue growth.
* The Dow component's results followed similarly disappointing ones from Boeing Co (BA.N) and Biogen (BIIB.O) on Wednesday, though this earnings season has largely been positive for markets. With 27 percent of the S&P 500 having reported, 68.9 percent have exceeded profit expectations, above the long-term average of 63 percent, according to Thomson Reuters data.
* Among the companies reporting Thursday, Dow components 3M Co (MMM.N) and Caterpillar Inc (CAT.N) will be of particular interest, with investors looking for any impact on earnings from a robust U.S. dollar.
* Multinational stocks have been hurt by the strong dollar this season. According to RBC Capital Markets, 'domestically-oriented companies are on track to grow earnings by 9.1 percent vs. 1.5 percent for more global names and are beating by a greater percentage.'
* On the data front, weekly jobless claims due at 8:30 a.m. EDT (1230 GMT) are seen rising to 282,000 from last week's 264,000. The preliminary read on October manufacturing from financial data firm Markit at 9:45 a.m. is seen dipping to 57 from 57.5.
* With Wednesday's decline, the S&P fell back under its 150-day moving average, a sign that trading trends have not turned fully positive, though the index has not undergone a correction - defined as a 10 percent decline from a peak - since 2012, as investors have used market declines as buying opportunities.
* The benchmark index moved 22.48 points between its high and low on Wednesday, above the 250-day average move of 15.64 points. In an indication of the market's recent volatility, the S&P hasn't had a day with a below-average move since Sept. 23.
Futures snapshot at 7:03 a.m.:
* S&P 500 e-minis ESc1 were up 5.75 points, or 0.3 percent, with 194,052 contracts changing hands.
* Nasdaq 100 e-minis NQc1 were up 12.25 points, or 0.31 percent, in volume of 30,848 contracts.
* Dow e-minis 1YMc1 were up 39 points, or 0.24 percent, with 32,439 contracts changing hands.
(Editing by Bernadette Baum)
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