S&P 500 futures are down 22 points ahead of the open, reversing part of yesterday's strong gain.
Verizon shares are down 2% after the company offered a disappointing earnings outlook for 2023. Similarly, 3M shares are down 4.3% on soft guidance, with a 2-6% decline in revenues forecast. 3M said they've seen a rapid decline in demand for consumer electronics.
Shares of GE were initially higher on better than expected earnings but have turned down, falling 1.7%.
Shares of homebuilder DR Horton are up 1.4% after earnings and said.
“Beginning in June 2022 and continuing through today, we have seen a moderation in housing demand caused by significant increases in mortgage interest rates and general economic uncertainty. While these pressures may persist for some time, the supply of both new and existing homes at affordable price points remains limited, and demographics supporting housing demand remain favorable," in the earnings release.
Microsoft reports today after the close along with Texas Instruments and CN. Tomorrow after the close Tesla is on the docket.
