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(Reuters) – Nasdaq futures edged lower on Wednesday as Netflix kicked off quarterly earnings for technology behemoths with a disappointing report, while concerns about a surge in global coronavirus cases hit demand for equities.

© Reuters/Carlo Allegri FILE PHOTO: A U.S flag is seen on the New York Stock Exchange in the Manhattan borough of New York City

The streaming service provider tumbled 8.1% in premarket trading after its report showed slower production of TV shows and movies during the pandemic hurt subscriber growth in the first quarter.

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Wall Street closed lower in the previous session as a global spike in coronavirus cases hit travel-related shares and investors had second thoughts about big U.S. banks’ apparently stellar earnings last week.

Global stocks were also subdued on Wednesday due to rising concerns over spiking COVID-19 infections in Asia and their impact on oil prices. [MKTS/GLOB]

With the first-quarter earnings season picking up pace, analysts expect profit for S&P 500 companies to jump 30.9% from a year earlier, according to Refinitiv IBES data.

At 6:57 a.m. ET, Dow e-minis were up 30 points, or 0.09%, S&P 500 e-minis were up 3.25 points, or 0.08%, and Nasdaq 100 e-minis were down 12 points, or 0.09%.

Anthem Inc rose 2% after the health insurer raised its profit target for 2021, as strength in its pharmacy benefits management business helped it beat estimates for first-quarter earnings.

U.S. railroad operator CSX Corp fell 0.9% after it missed estimates for first-quarter profit, hurt by frigid polar vortex temperatures, ongoing pandemic disruptions and higher fuel costs.

(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Anil D’Silva)

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