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Friday, January 27, 2023

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US stock futures traded lower after Microsoft’s revenue figures missed expectations.

Major index futures suggest a 0.8% drop in the S&P 500 when the opening bell rings.

Big-tech Nasdaq futures point to a 1.2% drop.

US West Texas Intermediate (WTI) crude was trading around $80.00, after falling 1.8% on Tuesday.

Brent crude was trading around $86.00 a barrel after falling 2.3% in the previous session.

Microsoft shares fell 2% in premarket trading after the company missed Wall Street’s second-quarter revenue estimates on Tuesday, pressured by a slump in the personal computer market that hurt its computer business. Windows software.

Revenue rose 2% to $52.7 billion in the three months ended December 31, compared with analysts’ median estimate of $52.94 billion, according to Refinitiv IBES.

Morning earnings are scheduled from Abbott Labs, AT&T and aerospace and defense heavyweights Boeing.

In the afternoon, the focus will be on electric vehicle maker Tesla. And we’ll hear from another Dow member, computer services giant IBM.

In Asia, Japan’s benchmark Nikkei 225 index gained 0.4%.

Markets were closed in Hong Kong and Shanghai for the Lunar New Year festivities.

On Wall Street, the S&P 500 fell less than 0.1% to 4,016.95, its second loss in three trading days. The Dow Jones Industrial Average rose 0.3% to 33,733.96 and the Nasdaq Composite fell 0.3% to 11,334.27.

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