October 18, 2018 / 1:09 PM / 10 months ago

US STOCKS-Futures drop on hawkish Fed, disappointing industrial earnings

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* FOMC minutes show all policy-makers back rate hike

* Textron falls after lower-than-expected qtrly profit

* Futures dip: Dow 0.35 pct, S&P 0.38 pct, Nasdaq 0.45 pct (Adds details, updates prices)

By Medha Singh

Oct 18 (Reuters) - U.S. stock futures fell on Thursday, as some industrials reported disappointing results, while the Federal Reserve's minutes showed officials broadly agreed on raising interest rates further, fanning concerns that contributed to last week's brutal selloff.

Shares of Textron fell 8 percent in premarket trading after the Cessna jet maker reported a lower-than-expected quarterly profit, hit by a slump in sales of its turboprop aircraft.

Sealed Air Corp shares tumbled 9.3 percent after the packaging company lowered its full-year profit outlook due to higher-than-expected raw material and freight costs.

Textron and Sealed Air were the top decliners among S&P 500 companies before the bell. Equipment rental company United Rentals fell 4.7 percent after its results.

Lindsay Corp dropped 5 percent after the water filtration equipment maker warned weakness in North America would continue next year in part due to tariffs.

The Fed's view, detailed in the minutes of its September meeting released on Wednesday, bolstered expectations of a fourth interest rate hike in December and more next year, despite President Donald Trump's sharp criticism.

The hawkish commentary also sent yields on the benchmark 10-year Treasury notes back to multi-year highs touched last week, which contributed to the sell off in equities.

"If interest rates continue to move higher from their current levels, investors will become even more reluctant to buy the dips in stocks," Hussein Sayed, chief market strategist at FXTM, wrote in a note.

At 8:49 a.m. ET, Dow e-minis were down 90 points, or 0.35 percent. S&P 500 e-minis were down 10.75 points, or 0.38 percent and Nasdaq 100 e-minis were down 32.75 points, or 0.45 percent.

Along with rising borrowing costs, investors also have to weigh the effect of tariffs and wage pressure on corporate profit as the third-quarter earnings season gains steam.

Profits at S&P 500 companies are expected to have risen 21.9 percent in the quarter, according to I/B/E/S Refinitiv. Of the 51 companies that have reported so far, 84.3 percent have beaten analyst expectations.

Among gainers were Alcoa's shares, which rose 4.3 percent after the top U.S. aluminum producer reported a better-than-expected quarterly profit, as a series of supply hits boosted alumina prices.

Philip Morris gained 2.5 percent after Marlboro cigarette maker topped analysts' estimates for quarterly profit and sales. (Reporting by Medha Singh in Bengaluru; Editing by Anil D'Silva)

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