US and European stock futures retreated alongside Asian markets on Wednesday as investors digested a slew of corporate earnings results and awaited key economic data.
The S&P 500 and Nasdaq 100 futures were down 0.3% each, while the Dow Jones Industrial Average futures slipped 0.2%. In Europe, the Stoxx 600 index was down 0.3%.
In Asia, the Shanghai Composite Index dropped 1.3%, while Japan’s Nikkei 225 Index fell 0.3%. Hong Kong’s Hang Seng Index dropped 0.9%.
The retreat came as investors digested a slew of corporate earnings results and awaited key economic data. In the US, the Federal Reserve will release its Beige Book report later Wednesday, which provides insight into the current state of the economy.
In the corporate world, Dow component McDonald’s Corp. reported better-than-expected earnings and revenue for the fourth quarter. The fast-food giant also said it expects 2021 to be a “transitional year” as the pandemic continues to weigh on its business.
Meanwhile, shares of Oracle Corp. dropped more than 10% after the software giant reported quarterly revenue that missed estimates.
In Europe, shares of Volkswagen AG were down more than 6% after the automaker reported a surprise decline in fourth-quarter operating profit.
Investors will also be keeping an eye on the latest developments in the coronavirus pandemic, with the number of global cases now surpassing 100 million.
The retreat in US and European futures came as investors weighed the latest developments in the coronavirus pandemic and awaited key economic data. The Federal Reserve’s Beige Book report will provide insight into the current state of the economy, while corporate earnings results from companies such as McDonald’s Corp. and Oracle Corp. could also impact market sentiment.