Futures rise as Apple ekes out gains as earnings gather steam

NEW YORK, July 19 — US stock index futures rose today as Apple shares edged higher after sharply dropping in the previous session, while investors focused on another round of earnings to gauge the strength of corporate America.

Apple fell 2 per cent and dragged US stocks lower yesterday after a report that the company will slow hiring and spending growth next year. As second-quarter earnings season officially kicked off, analysts now expect aggregate year-on-year S&P 500 second-quarter profit growth of 6 per cent, down from the 6.8 per cent estimate at the beginning of the quarter, according to Refinitiv data.

IBM Corp, which reported after close yesterday, also warned of about US$3.5 billion hit due to a stronger dollar. Its shares fell 5.8 per cent.

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