In quarterly reports, Verizon Communications Inc gained 1.2% as it added more postpaid phone subscribers than expected in the third quarter, while oilfield firm Baker Hughes Co slipped 3.2% on downbeat profit. That is probably the real reason we're seeing individual stocks responding more than the broader market," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York. "People are waiting to see what the large tech companies are going to report. Tesla Inc edged 0.3% lower in the run up to its quarterly results after markets close, with investors awaiting details on its performance in China. Facebook, up 0.7%, is planning to rebrand itself with new name that focuses on metaverse, according to the Verge. Other mega cap technology and communication names were mixed in premarket trading. "Investor response to the latest set of earnings reports has been a touch hit and miss with supply chain issues dogging both Procter and Gamble and Philip Morris," Danni Hewson, financial analyst at AJ Bell, said in a client note. Analysts expect S&P 500 earnings to rise 33% from a year earlier, according to Refinitiv data, while keeping a close eye on growth outlook from companies that are faced with rising costs, labor shortages and supply chain disruptions. Its shares, however, fell 2% after hitting a record high earlier this month and gaining 18.2% so far this year. Netflix's global sensation "Squid Game" helped lure more customers than expected, the world's largest streaming service said as it predicted a packed lineup would further boost signups through the end of the year. stock index futures struggled for direction on Wednesday as investors weighed the impact of supply chain constraints and inflation on corporate earnings, while Netflix shares remained sluggish after its quarterly report.
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