* Morgan Stanley rises as profit surges
* Fed to release Beige Book at 2:00 p.m. ET
* IBM drops on bigger-than-expected revenue decline
* Futures up: Dow 44 pts, S&P 8.75 pts, Nasdaq 24 pts
(Adds details, comments, updates prices)
By Yashaswini Swamynathan
April 19 U.S. stocks looked set to open higher
on Wednesday as investors moved on to the next set of earnings
reports, a day after Wall Street lost some ground due to weak
results from some corporate heavyweights.
Morgan Stanley helped the rebound, rising nearly 3
percent in premarket trading after reporting a surge in
Shares of Bank of America, JPMorgan and
Wells Fargo edged up slightly.
Key companies scheduled to release results after markets
close on Wednesday include Dow component American Express
, eBay and Qualcomm.
Tepid quarterly numbers from Goldman Sachs and
Johnson & Johnson pulled the major U.S. stock indexes
lower on Tuesday.
Dow e-minis were up 44 points, or 0.22 percent, at
8:32 a.m. ET (1232 GMT), with 21,661 contracts changing hands.
S&P 500 e-minis were up 8.75 points, or 0.37 percent,
with 124,872 contracts traded.
Nasdaq 100 e-minis were up 24 points, or 0.45
percent, on volume of 24,602 contracts.
"This bounce today in U.S. equities is perhaps investors
looking beyond daily moves," said James Athey, senior investment
manager at Aberdeen Asset Management.
"While there has been some disappointment, the big picture
has not vastly changed. We're still talking about a global
economy which is doing better... and central banks that are
looking to normalize, and all of that should be supportive for
With Wall Street near record levels and worries over
President Donald Trump's ability to carry out his pro-growth
promises, investors are hoping quarterly earnings will justify
pricey market valuations.
So far, first-quarter earnings have been promising. Of the
45 S&P 500 companies that have released results, nearly 76
percent have topped earnings estimates, according to Thomson
Overall profits of S&P 500 companies are estimated to have
risen 10.7 percent in the quarter - the best since 2011.
While no top-tier economic data is due on Wednesday,
investors will keep an eye on the Federal Reserve's Beige Book,
which will give a glimpse into economic conditions across the
United States. The data is due at 2:00 p.m. ET (1800 GMT).
Shares of IBM sank 5.3 percent to $161.05 after the
company reported a bigger-than-expected decline in revenue for
the first time in five quarters.
Abbott was up 2.7 percent after reporting higher-
than-expected profit and sales.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by