Stock futures modestly lower
S&P 500 futures point to a 9-point decline at the open, following yesterday's 24-point gain.
Earnings are the main driver at the moment and headlines are mixed. Home builder DR Horton was bullish on the sector and shares are 3% higher but McDonald's is down by the same amount after same-store sales fell 23.9% in Q2, missing estimates.
The good news for MCD is that sales in the US were down just 2.3% y/y in June in a sign of a demand for drive-thru.
On the industrial side 3M missed estimates and shares are down 3% with medical equipment failing to offset industrial malaise. The company is increasing capex though on the economic rebound. Xerox shares are 2.2% higher after earnings.
