Futures fall as US rally runs out of steam

AP News
Posted: Oct 23, 2013 8:31 AM
Futures fall as US rally runs out of steam

NEW YORK (AP) — The investor zeal that flourished in the wake of the partial government shutdown and an extended rally for U.S. markets appear to be coming to a close amid a mixed bag of corporate earnings.

Dow Jones industrial futures are down 66 points to 15,332. S&P futures have lost 8.7 points to 1,740.70. Nasdaq futures are down 19 points to 3,557.50.

Global markets fell as well on Wednesday.

Caterpillar's quarterly earnings plunged 44 percent and the company cut its outlook again Wednesday for the year.

However, plane maker Boeing and WellPoint, the nation's second-largest health insurer, both topped Wall Street expectations.

The tech-heavy Nasdaq is under pressure after some big players in the sector trimmed their outlooks late Tuesday, including semiconductor companies Cree and Broadcom.