Day Ahead: Waiting on Tech Titans

 | Apr 23, 2014 | 8:00 AM EDT  | Comments
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Stock index futures were little changed ahead of trading Wednesday -- which isn't surprising, given that the most hotly anticipated earnings are coming after the close of trading.

International markets were mostly in the red (although the Nikkei bucked that trend) after China reported a fourth-straight month of contraction in factory activity.

Tech heavyweights Apple (AAPL) and Facebook (FB) are both due to report after hours. Analysts are expecting Apple to report fiscal second-quarter earnings of $10.18 a share with revenue of about $43.5 billion. Investors will also be looking for any hints about the iPhone 6. Facebook is expected to have earned $0.24 a share in the first quarter, with revenue of $2.36 billion.

While investors may be in a bit of a wait-and-see mode for these stocks, there are still a bevy of reports to react to before the bell.

Shares of Boeing (BA) jumped more than 3.4% in before-hours trading after the company beat profit estimates by $0.20 a share.

And shares of Yum! Brands (YUM) climbed ahead of trading. The fast-food operator reported a profit that beat estimates after the bell Tuesday, and management reiterated guidance.

Looking to the economy, the only major report comes after the start of the trading is March new-home sales, at 10 a.m. ET. Economists expect that the annual pace rose 2.3% to 450,000.

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