US pre-open: Futures mixed following Netflix earnings
Wall Street futures were pointing to a broadly flat open ahead of the bell on Wednesday after Netflix revealed its first decline in subscriber numbers since 2011.
As of 1215 BST, Dow Jones and S&P 500 futures were up 0.15% and 0.02%, respectively, while Nasdaq-100 futures had the index opening 0.18% weaker.
The Dow Jones closed 314.03 points higher on Tuesday, easily erasing losses recorded in the final session ahead of the Easter long weekend.
Earning from streaming giant Netflix were down more than a quarter ahead of the bell after the company reported its first fall in subscribers in over a decade. Group revenues were $7.87bn, compared to $7.71bn in the fourth quarter, while diluted earnings per share came in at $3.53. Global streaming paid memberships were 221.64m, down on the fourth quarter's 221.84m and were expected to fall further in the second quarter to 219.64m.
Elsewhere, Procter & Gamble also reported earnings before the bell, with the consumer goods firm topping Wall Street expectations as price hikes drove higher razor and laundry detergent sales. Net sales rose 7% to $19.38bn, beating expectations for a print of $18.73bn.
United Airlines and Tesla will both report earnings after the close.
Also in focus, the yield on the benchmark 10-year Treasury note topped 2.94%, its highest level since December 2018, while West Texas Intermediate and Brent crude futures ticked slightly higher in pre-marked after sliding in the previous session on the back of the International Monetary Fund cutting its economic growth forecasts and warning of risks from higher inflation.
On the macro front, mortgage applications fell 5% week-on-week in the seven days ended 15 April, according to the Mortgage Bankers Association of America, with total applications coming in at nearly half of what they were a year earlier. Mortgage applications to purchase a home fell 3% on the week and were down 14% than during the same week one year ago, while applications to refinance a property fell another 8% for the week and was 68% lower than the same week twelve months prior.
Still to come, March existing home sales will be published at 1500 BST.