(Reuters) – U.S. stock index futures tumbled on Tuesday, as concerns over Saudi Arabia’s political situation, Italy’s finances and trade war fears hit risk appetite across the globe.
Investors were keeping a keen eye on U.S. corporate earnings, with industrial bellweather Caterpillar , 3M and Lockheed Martin reporting results.
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Caterpillar shares fell 5.4 percent in premarket trading after the company reported better-than-expected quarterly results, but blamed U.S. tariffs for rise in costs.
3M Company also fell 7.1 percent after its third-quarter sales missed estimates.
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Profits of S&P 500 companies are expected to have jumped nearly 22 percent in the third quarter, according to Refinitiv data. But many investors are focusing on the outlook for future growth due to concerns over trade, rising costs and other factors.
U.S. markets have been torn between solid earnings reports and worries about rising U.S. interest rates and global growth. The benchmark S&P 500 is on track to post its fourth day of decline, trading about 6 percent below record levels.
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“There are a number of underlying risk factors in the markets right now, be it U.S. interest rates, Brexit, Italian debt, trade wars or emerging markets,” Craig Erlam, senior market analyst at online forex broker Oanda, said in a note.
“These are all destabilizing factors and sentiment may finally be caving under the weight of it all.”
Saudi - Arabia - Pressure
Saudi Arabia is facing international pressure...
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