U.S. stock-index futures retreated as International Business Machines Corp. and Texas Instruments Inc. reported revenue that missed analysts’ projections.
IBM, the world’s biggest computer-services company, and Texas Instruments, the second-largest U.S. chipmaker, slumped more than 3.5 percent in German trading. Tupperware Brands Corp. sank 8.7 percent after reporting earnings that fell short of estimates.
September contracts on the Standard & Poor’s 500 Index lost 0.2 percent to 1,061.7 as of 10:03 a.m. in London. Dow Jones Industrial Average futures dropped 0.1 percent to 10,048, while Nasdaq-100 Index futures declined 0.3 percent to 1,800.75.
“Texas Instruments and IBM are iconic companies in their sectors so investors are disappointed,” said Jacques Porta, a Paris-based fund manager at Ofi Patrimoine, who helps oversees about $425 million in stocks. “Those earnings confirm that the U.S. market is not that attractive. There is also a real-estate issue that is not solved.”
U.S. housing starts fell in June to the lowest level of the year as a slump in sales following the expiration of a government tax incentive caused builders to cut back, economists said before
streng a Commerce Department report due at 8:30 a.m. in Washington.
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