Stock futures pare gains, Apple disappointment weighs on techs

|By:, SA News Editor

Stock futures are mostly higher but have pared some earlier gains after data showed U.S. durable goods orders taking an unexpected sharp decline.

S&P +0.1%, Dow +0.3%, Nasdaq -0.5%.

Calm in emerging market trading sessions thus far is helping to lend a positive tone, and European markets are broadly higher amid efforts by the central bank of Turkey and others to curb the recent selloffs in their currencies.

U.S. durable goods orders sank 4.3% in December in the biggest drop since mid-summer, largely because of fewer bookings for autos, large aircraft and military hardware; after expectations for a ~2% increase in orders, the disappointing could lead to a reduction in forecasts for Q4 GDP.

Well-received earnings news from Ford (+1.5%), Pfizer (+1.7%) and DuPont (+1.1%) are supporting blue-chip futures, but tech stocks are weighed by Apple's (-7.5%) disappointing results.

Treasuries surged off their lows in reaction to the data, and the 10-year yield is now little changed at 2.76%.

Still ahead: Richmond Fed, consumer confidence.