Russell 2000 looking stable
The Russell 2000 (NYSE: IWM) futures were higher half an hour before the start of session, but the small-cap index will probably be affected by news of poor earnings.
The much-anticipated earnings report from aluminum giant Alcoa Inc. (NYSE: AA) did not live up to expectations. The New York-based company, the first big player to report third-quarter earnings, reported a profit of $555 million. That’s a net income of $0.63 per share, while analysts were forecasting $0.64 per share.
Meanwhile, energy giant Chevron Corp. (NYSE: CVX) told investors that its third-quarter profit would fall from the record highs achieved in the second quarter. The decline is due to lower gasoline prices. During the second quarter the San Ramon, Calif.-based company achieved a profit of $5.4 billion, the highest in its history.
Elsewhere, the Mortgage Bankers Association reported that its weekly measure of mortgage loan application volume increased 2.4% for the seven days ended Oct. 5.
