April 24, 2014 -- 8:30 a.m. - 04/24/14
U.S. stock index futures are indicating a higher open on Wall Street. The Dow and S&P 500 are at least 0.4% above fair value. The NASDAQ is up 1.9% in early action.
The major averages are poised to resume their winning ways as investors focus on economic data and encouraging earnings results. On the economic front, jobless claims rose for the third straight week as filings increased by 24,000 to 329,000. A separate report showed durable goods orders increased by 2.6% in March, which was more than expected.
Notable profit tallies from technology giants are also in the spotlight. Apple is rallying 8.6% in pre-market trading after posted better-than-expected earnings results. The iPhone maker also boosted its share buyback program and dividend while also authorizing a seven-for-one stock split. Facebook is up 5.3% before the open after it also topped analysts profit estimates as its mobile advertising business accelerated. On the downside, Qualcomm is falling 4.3% after reporting its smallest quarterly revenue increase since 2010. Meanwhile, UPS is down 1.3% as the company posted a 12% drop in quarterly profit due to higher costs related to severe winter weather.
In fixed-income, Treasury prices are declining before a government auction of $29 billion in seven-year notes. The 10-year note is down 6/32 to yield 2.72% and the 30-year bond is losing 11/32 to yield 3.50%.
This information is obtained from sources and data considered to be reliable, but its accuracy and completeness is not guaranteed by Wells Fargo Advisors.Wells Fargo Advisors is the trade name used by two separate registered broker-dealers: Wells Fargo Advisors, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, non-bank affiliates of Wells Fargo & Company.