U.S. indices declined in premarket trading as Wall Street’s record-breaking rally appeared to lose some steam despite strong quarterly performances from high-profile companies, the Associated Press reports. Futures for the S&P 500 and the Dow Jones Industrial Average each fell 0.4% before the bell today; the S&P, Dow Jones, and Nasdaq are still up between nearly 5% and 7% over the past three months.
General Motors rose less than 1% after the Detroit automaker managed to post a third-quarter profit of $3 billion despite slowing U.S. sales and a big loss at a once reliably profitable joint venture in China. GM beat Wall Street’s sales and profit projections and narrowed its full-year net income guidance.
GE Aerospace, which began trading independently this spring after splitting off from the former conglomerate General Electric, fell 3.5% even though it posted strong third-quarter profit and raised its fourth-quarter guidance significantly.
German software giant SAP rose 3.3% after it nudged past profit expectations, while personal protective gear and industrial coatings company 3M climbed 4.7% after it topped Wall Street’s third-quarter sales and profit targets.
Benchmark U.S. crude picked up 67 cents to $70.71 per barrel. Brent crude, the international standard, rose 62 cents to $74.91 per barrel.
The U.S. dollar rose to 150.80 Japanese yen from 150.69 yen.
