April 23 (Bloomberg) -- U.S. stock futures declined, after the Standard & Poor’s 500 Index completed its longest winning streak since September, as investors weighed earnings from AT&T Inc. to Boeing Co.
AT&T slipped 2 percent after maintaining its forecast for earnings growth. Amgen Inc. dropped 2.9 percent after sales for its best-selling arthritis drug missed analysts’ estimates. Yum Brands Inc. climbed 3.1 percent as first-quarter earnings exceeded projections and sales rose in China. Boeing added 2 percent after a boost in jetliner deliveries helped profit top forecasts.
Futures on the S&P 500 expiring in June slipped 0.2 percent to 1,870.6 at 8:20 a.m. in New York. Dow Jones Industrial Average contracts lost 16 points, or 0.1 percent, to 16,442 today.
“These next few days are the most important of the earnings season as some big bellwethers report,” Heinz-Gerd Sonnenschein, an equity market strategist at Deutsche Postbank AG, said by phone from Bonn, Germany. “Earnings have not been great this quarter. Expectations had already been brought down quite dramatically and profit growth is weak year-on-year. The S&P 500 is holding up, but investors will need more of a signal to start buying into the market.”
The U.S. equity benchmark gauge has advanced 3.5 percent in the past six days, closing 0.6 percent away from a record high, as earnings from Netflix Inc. to Citigroup Inc. topped estimates and Federal Reserve Chair Janet Yellen reiterated the bank’s commitment to supporting the economy.
A report at 9:45 a.m. in New York may show the Markit Economics preliminary reading of a U.S. manufacturing index rose to 56 this month from 55.5, according to the median economist estimate compiled by Bloomberg. Readings greater than 50 signal expansion.
Emerging-market equities dropped and European shares snapped the biggest three-day rally since June after the Markit gauge for China signaled continuing weakness in the world’s second-largest economy.
Commerce Department data at 10 a.m. will probably show that sales of new homes increased to a 450,000 annualized pace in March, economists predicted.
Of the 134 companies in the S&P 500 that have released earnings this season, 75 percent have exceeded analysts’ profit estimates, while 51 percent beat sales projections, according to data compiled by Bloomberg.
Apple Inc., the world’s largest company by market value, Facebook Inc. and Qualcomm Inc. are among 41 index members reporting earnings today. Profit for S&P 500 companies probably increased 0.7 percent in the first quarter, analysts estimated. They had predicted a 6.6 percent gain at the beginning of this year.
AT&T, which has rallied 14 percent from a low on March 3, slipped 2 percent to $35.55. The company kept its forecast for earnings growth at a “mid-single-digit” rate, compared with the average analyst estimate of 9 percent. The company reported first-quarter earnings of 71 cents a share, more than the 70- cent average projection.
Amgen fell 2.9 percent to $115.85. Quarterly sales of Enbrel, its best-selling arthritis medicine, declined 5 percent to $988 million, missing the $1.11 billion average analyst projection. Total revenue increased 6.6 percent to $4.52 billion from a year earlier, less than the $4.75-billion average estimate compiled by Bloomberg.
Yum, owner of the KFC and Taco Bell fast-food chains, advanced 3.1 percent to $80. Profit rose to 87 cents a share from 72 cents a year earlier, according to a statement late yesterday. Analysts had predicted 84 cents a share on average. Sales at stores open at least 12 months jumped 9 percent in China after falling for five straight quarters.
Boeing added 2 percent to $130.15. The world’s largest planemaker reported profit that beat analysts’ estimates, buoyed by rising commercial-jet deliveries as the company stepped up the production tempo.
Gilead Sciences Inc. advanced 4.1 percent. Sales of its hepatitis C pill topped estimates by more than $1 billion. The company’s Sovaldi, a $1,000-a-pill medicine to treat hepatitis C, had sales of $2.27 billion in the first quarter, double the average analyst estimate. Profit excluding certain items also exceeding projections.
Illumina Inc. jumped 9.5 percent to $162. The maker of DNA sequencing equipment said first-quarter sales increased 27 percent to $421 million, more than the $392 million projected by analysts.
Biogen Idec Inc. gained 2.2 percent to $312.99. The company reported that first-quarter profit rose and raised its full-year forecast after sales of its Tecfidera multiple-sclerosis drug increased.
Dow Chemical Co. added 2 percent to $49.90. The largest U.S. chemical maker by sales reported that net income climbed to 79 cents a share, beating the 71-cent average estimate compiled by Bloomberg.