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BLBG: S&P 500 Futures Are Little Changed Amid Earnings as Intel Slides
 
Earnings due from firms including Morgan Stanley, Ebay
Third and final U.S. presidential debate kicks off today
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U.S. stock-index futures were little changed as investors assessed earnings reports and awaited the final presidential debate.
Intel Corp. slid 4.8 percent in premarket trading after giving a disappointing forecast for sales in the current quarter. Morgan Stanley rose 0.8 percent after reporting an increase in third-quarter profit. Kinder Morgan Inc. and EBay Inc. are also among 25 of the S&P 500 Index members due to release results today.
Futures on the S&P 500 expiring in December added less than 0.1 percent to 2,133.25 at 7:15 a.m. in New York, after the benchmark on Tuesday rose the most in two weeks on better-than-forecast results and speculation the economy can withstand a gradual increase in rates. Dow Jones Industrial Average contracts rose 14 points to 18,078 today.
The earnings season is picking up amid a mood of political and economic uncertainty, with the next Federal Reserve meeting and the U.S. presidential elections just weeks away. The S&P 500 has oscillated between daily gains and losses for six straight sessions since Alcoa Inc.’s results, its worst bout of indecision in the reporting period in 16 years.
“We’re really at the point where caution is close to the surface,” said Ken Odeluga, a London-based market analyst at brokerage City Index. “We’re in the earnings season and every day we’ve got names that risk upsetting the day’s rally. There’s a little bit of risk-off sentiment as investors wait for the end of this earnings season, the outcome of the elections and the Fed’s rate decision.”
Ahead of the third and final presidential debate, a Bloomberg Politics national poll showed a nine-point lead for Democratic nominee Hillary Clinton over her opponent. A win for Republican Donald Trump could prompt declines in equities, Citigroup Inc. has said.
Traders are betting it’s unlikely the Fed will raise rates at its November meeting just days before the vote. They are pricing in a 63 percent chance of a hike in December, down from 68 percent a week ago. Investors seeking clues on the trajectory of Fed rate increases will assess the central bank’s Beige Book survey of regional conditions and the Commerce Department’s data on September housing starts later today.
Also keeping investors wary on Wednesday were mixed economic indications from China: while industrial output unexpectedly slowed in September, gross domestic product rose 6.7 percent in the third quarter. Concerns about growth in the world’s second-biggest economy resurfaced last week, spurring equity losses on Oct. 13.
The S&P 500 is heading for a third consecutive monthly decline, and its first October slide since 2012. The gauge is 2.3 percent below an all-time high reached in August.
While only about a tenth of the S&P 500 members have reported results so far, they are showing signs that companies may break a five-quarter streak of declining profits. More than 80 percent beat earnings expectations, while 68 percent topped sales projections, according to data compiled by Bloomberg.
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