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* Future down: Dow 0.78%, S&P 0.84%, Nasdaq 0.17%
Jan 27 (Reuters) – U.S. stock index times fell Wednesday as a busy week gained momentum, with attractive results from Microsoft easing the fall in Nasdaq futures ahead of the Federal Reserve’s longer-term policy statement forward in the day.
Microsoft Corp received a 2.3% pre-sale, as the software maker continues to benefit from global work and distance learning trends.
Microsoft’s results set a positive precedent for other technology-related companies including Apple Inc, Tesla Inc and Facebook Inc, which are set to report quarterly numbers later in the day.
Technical companies have recently returned to favor following the blowout results from streaming service provider Netflix Inc, and the way investors dumped banks linked to economy, energy and small cap stocks.
However, concerns about higher stock market valuations, coronavirus rally issues and any potential controversy over vaccine spreads have prompted investors to withdraw and increase volatility in the short term.
The Fed is expected to hold a monetary policy locked into emergency fighting mode at its meeting ending Wednesday, with investors also looking forward to relief from ongoing vaccinations and new government spending plans.
A resurgence in COVID-19 disease poses a serious blow to the global economy this year, according to a majority of economists in a Reuters poll, which expects global GDP to reach pre-released within two years.
At 7:12 am ET, the Dow e-minis was down 241 points, or 0.78%, the S&P 500 e-minis was down 32.25 points, or 0.84%, and the Nasdaq 100 e-minis was down 23.5 points, or 0.17%.
Boeing Co posted a record annual loss of $ 11.94 billion and said it would delay the all-new 777X pier again. Shares of the plane were 0.7% higher.
Starbucks Corp fell 1.9% after the coffee chain reported a larger-than-expected fall in quarterly sales, as the renewed rise in coronavirus cases in the United States kept buyers at home .
Walgreens Boots Alliance Inc jumped 6.4% after the drug store chain named Starbucks chief operating officer Roz Brewer as chief executive.
Videogame GameStop Corp.’s wholesale shares rose another 75.4% on Wednesday, as nonprofit investors continued to enter the stock that has skyrocketed nearly 700% over the past two weeks. (Reporting by Devik Jain in Bengaluru; Editing by Shounak Dasgupta)