Futures edge lower as investors focus on Big Tech earnings By Reuters

(Reuters) – U.S. stock index futures slipped on Tuesday, as investors waited to see if earnings from Big Tech companies this week will provide support to a market worried about high inflation and slowing global growth.

Wall Street’s main indexes fell sharply on Monday before news that Tesla (NASDAQ:) Inc chief Elon Musk was buying Twitter (NYSE:) for $44 billion spurred a late rally in the Nasdaq.

Twitter extended gains from the previous session, up 0.5% in premarket trading, while Tesla also inched higher.

There were some bright spots among companies that reported earnings, but the overall mood was dull as global growth fears stoked by China’s COVID-19 curbs, the Ukraine war and aggressive tightening by the Federal Reserve sapped risk appetite.

Ukraine’s state-run atomic energy company said Russian missiles flew at low altitude over Europe’s largest nuclear power plant in southern Ukraine, and reiterated warnings that Russia’s invasion could lead to a “nuclear catastrophe”.

At 07:13 a.m. ET, were down 149 points, or 0.44%, were down 19 points, or 0.44%, and were down 69.25 points, or 0.51%.

Nearly a third of the companies listed on the are expected to report this week, with Alphabet (NASDAQ:) Inc and Microsoft Corp (NASDAQ:) publishing results after the closing bell on Tuesday.

Market-leading growth stocks have been hammered this year as investors fear higher interest rates will erode their future earnings, while China’s lockdown and hawkish pivot by major central banks have overshadowed what has been a better-than-expected earnings season so far.

Of the 102 companies in the S&P 500 that reported earnings through Monday, 77.5% topped analysts’ profit expectations, according to Refinitiv data. In a typical quarter, 66% beat estimates.

United Parcel Service Inc (NYSE:) gained 1.9% after it reported a rise in quarterly adjusted profit, while industrial giant 3M Co rose 0.9% after it topped profit estimates.

General Electric (NYSE:) Co fell 3.5% after forecasting full-year earnings at the low end of its previous estimate, as persistent supply chain disruptions and rising freight and raw material costs take a toll on the industrial conglomerate.

Consumer confidence report for April and durable goods orders data for March will be released later in the day.