* Apple slips after revenue misses expectations
* Akamai, Gilead drop after disappointing earning reports
* Yum, Delphi higher after reporting results
* Pvt employers added more jobs than expected in April
* Futures down: Dow 17 pts, S&P 4 pts, Nasdaq 14 pts
(Adds details, comment, updates prices)
By Tanya Agrawal
May 3 Wall Street looked set to open lower on
Wednesday, weighed down by Apple after the world's most valuable
company by market value reported a surprise fall in iPhone
Shares of Apple dropped 1.2 percent to $145.75 in
premarket trading, a day after the company also forecast
current-quarter revenue below estimates.
"The market is taking its cue from Apple," said JJ Kinahan,
chief market strategist at TD Ameritrade in Chicago.
Akamai Technologies tumbled 13.6 percent after it
gave a weak forecast for current-quarter revenue and profit.
Gilead dropped 2 percent after the drugmaker reported a
Strong corporate reports so far had resulted in estimates
for first-quarter profit growth at S&P 500 companies increasing
to 13.9 percent as of Tuesday, from an estimate of 10.4 percent
growth two weeks back, according to Thomson Reuters I/B/E/S.
The strong earnings have also helped offset some fears about
geopolitical tensions in the Korean peninsula, the lack of
progress by the Trump administration in enacting its economic
agenda as well as mixed economic data.
"Strong earnings are still driving the market. Not only are
earnings good, the CEOs are painting a picture of continued
earnings growth and this helps trump some of the other factors,"
Dow e-minis were down 17 points, or 0.08 percent,
with 10,743 contracts changing hands at 8:32 a.m. ET (1232 GMT).
S&P 500 e-minis were down 4 points, or 0.17 percent,
with 69,077 contracts traded.
Nasdaq 100 e-minis were down 14 points, or 0.25
percent, on volume of 19,483 contracts.
Data last week showed the U.S. economy grew at its slowest
pace in three years in the first quarter. Since then, automakers
have reported a drop in vehicle dales for March, which along
with the drop in iPhone sales, have added to nerves.
The Federal Reserve could address GDP when it issues a
statement at 2 p.m. ET, at the end of its two-day meeting on
interest rates. While the central bank is expected to hold
interest rates steady, it may hint it is on track for an
increase in June.
An ADP report showed showed U.S. private employers added
177,000 jobs in April, slightly above economists' expectations.
The data come ahead of the U.S. Labor Department's more
comprehensive non-farm payrolls report on Friday, which includes
both public and private-sector employment.
Yum Brands rose 2.2 percent to $67.80 after the
company's quarterly profit came in better than expected.
Delphi Automotive rose 5.8 percent to $83 after it
gave a robust full-year earnings outlook.
(Reporting by Tanya Agrawal; Editing by Savio D'Souza)