(By Salman - iStockAnalyst Writer)US stock futures declined on Thursday after Citigroup and Goldman Sachs Group reported third-quarter results.
At 8:24 am ET, the S&P 500 futures dropped 6.50 points to 1081.200. The Dow Jones Industrial average futures retreated 40 points to 9912. The Nasdaq Composite futures slumped 8.75 points to 1739.
Early on Thursday, Goldman Sachs (NYSE:
GS) reported that its third-quarter profit jumped to $3.19 billion, or $5.25 a share, from $810 million, or $1.81 a share, in the prior year quarter. Quarterly revenue increased to $12.37 billion, from $6.04 billion a year ago.
Citigroup Inc. (NYSE:
C) on Thursday reported third-quarter net income of $101 million, and a 27-cent loss per share, on revenue of $20.39 billion compared to a year-ago quarter's loss of $2.82 billion or 61 cents a share on total revenue of $16.26 billion.
The world's largest mobile phone maker Nokia (NYSE:
NOK) on Thursday reported a 559 million euro loss attributable to equity holders, compared to a 1.09 billion euro profit in the year-earlier quarter. Revenue plunged 20% to 9.81 billion euros.
Harley-Davidson Inc. (NYSE:
HOG) announced Thursday that its third-quarter net income dropped 84% to $26.48 million, or 11 cents a share, from $166.54 million, or 71 cents a share, in the comparable period.
Baxter International Inc. (NYSE:
BAX) said Thursday that third-quarter earnings climbed to $530 million, or 87 cents a share, from $472 million, or 74 cents a share, in the same quarter a year ago. On an adjusted basis, the company earned 98 cents compared to 88 cents a year ago. Revenue remained flat at $3.1 billion.
Late on Wednesday, Xilinx Inc.'s (NASDAQ:
XLNX) announced that its fiscal second-quarter profit declined 21% to $64 million, or 23 cents a share, from $81.1 million, or 29 cents a share, in the year-earlier quarter. Revenue slumped 14% to $415 million.
Technology bellwether IBM (NYSE:
IBM) is scheduled to report third quarter earnings after the market close.
On the economic front, a release by Department of Labor on Thursday showed number of Americans filing first- time claims for unemployment benefits fell 10,000 to 514,00 in the week ending October 10. Economists expected jobless claims to drop to 520,000. The four-week average of seasonally adjusted initial jobless claims, a less volatile gauge, decreased 9,000 to 531,500. Continuing claims for the week ending October 3 dropped 75,000 to 5.99 million.
The Department of Labor reported Thursday that consumer prices rose 0.2% in September. The core consumer price index, which excludes food and energy, rose 0.2% in the month. Economists had expected monthly consumer price index to rise 0.2% qnd core consumer prices to increase 0.1%.
The Philly Fed regional survey of manufacturing activity is scheduled for release at 10:00 am ET.
US stocks finished solidly higher on Wednesday after JPMorgan Chase (NYSE:
JPM) announced earnings that blew past analyst estimates.
European stocks climbed in afternoon trade. At 12:28 pm London time, the UK FTSE gained 3.01 points or 0.06% to 5,259.11. The German DAX and French CAC increased 0.19% and 0.38% respectively.
Asian stocks finished solidly higher. The Nikkei 225 jumped 178.44 points or 1.77% to $10,238.65. The Hang Seng index of Hong Kong rose 112.60 points or 0.51% to 21,999.08.
NYMEX crude oil for November delivery climbed 10 cents to $75.28 a barrel in electronic trading.
Disclosure: Author doesn't own any of the stocks discussed here.
