Futures in red after mixed report from firms, chip makers

Jan 24 (Reuters) – U.S. stock index futures are lower on Tuesday as corporate reports from major stocks including 3M, Johnson & Johnson and GE kicked off earnings season at full speed, while the semiconductor sector gave up gains from the previous session .

Shares of 3M Co fell 2.5% in over-the-counter trading after the US industrial conglomerate reported a decline in quarterly earnings.

A cut to GE’s 2023 adjusted earnings guidance pushed the stock down 2.6%.

Meanwhile, shares of Johnson & Johnson rose 2.2% for full-year earnings that beat Wall Street’s estimates.

Advanced Micro Devices Inc, which a day earlier posted its biggest gain in two months, fell 2.5% after brokerage Bernstein downgraded the chipmaker’s stock recommendation from Outperform to In-Market, citing a bleak PC demand. Happened.

Shares of other chip makers including Nvidia Corp, Intel Corp and Broadcom Inc fell 0.4% to 1%.

Futures on the Dow were down 0.28% at 16:14 Moscow time, on the S&P 500 they fell 0.27%, on the Nasdaq 100 they were down 0.43%.

At 17:45 Moscow time, the publication of the preliminary PMI index in the US from S&P Global is scheduled. The poll by Reuters forecast US manufacturing activity would fall to 46.0 in January from 46.2 in December, while services activity would rise to 45 from 44.7 in December.

The original message in English is available at: (Translated by Shreyashi Sanyal and Johan M Cherian, Tomas Kanik in Bengaluru)

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