Wednesday, September 27, 2023
Homeus marketsUS stock futures scale back gains as UPS cuts outlook

US stock futures scale back gains as UPS cuts outlook

U.S. stock-index futures were mostly higher on Friday, helped by strong results from General Electric and Morgan Stanley, but hindered as United Parcel Service lowered its guidance.

United Parcel Service estimated quarterly profit beneath analysts' expectations, partly due to a shorter U.S. holiday season. The delivery company said it expects to report a profit of $1.25 per share for the fourth quarter, versus estimates of earnings of $1.43 a share.

The Commerce Department reported U.S. fell 9.8 percent in December to a seasonally adjusted annual rate of 999,000-unit pace. Economists expected the number to fall to 990,000.

General Electric, an industrial giant and Dow component, posted earnings in line with expectations. Wall Street giant Morgan Stanley beat analyst estimates by a mile.


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