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TheStreet Open House

Stock Market Today: Futures Fall as IBM Misses Earnings Estimates

Stocks in this article: ^DJI^GSPC^IXICIBMAAPL

NEW YORK (TheStreet) -- U.S. stock futures turned lower Monday morning as IBM (IBM)  missed earnings estimates and said it would fall short of a multi-year profit target. 

Third-quarter earnings continue with Apple  (AAPL) expected to report after Monday's close. Few major economic data announcements are expected Monday. Federal Reserve Gov. Jerome Powell will speak at 10 a.m. EDT, while Gov. Daniel Tarullo will speak at 12 p.m. 

S&P 500 futures were down 0.27% and Dow Jones Industrial Average futures were down 0.66%.

Must Read: October 17: 10 Things You Should Know

A Dallas hospital is expected to clear 48 who had contact with Ebola patient Thomas Eric Duncan, while the World Health Organization has declared Nigeria Ebola-free. While dozens of workers from Texas Health Presbyterian Hospital have or are expected to be cleared, data from health authorities such as the U.S. Centers for Disease Control and Prevention show that many continue to be monitored for symptoms of the Ebola virus, and upwards of 300 people in the U.S. may have had contact with Ebola patients.

Separately, the WHO said on Monday Nigeria is now free of the Ebola, potentially giving confidence in the containment of the virus, which has claimed thousands of lives in Sierra Leone, Guinea and Liberia.

In Europe, stocks continued to slide amid weakening economic data, putting the region at risk of extending its longest string of weekly losses in more than a year.

Britain's FTSE 100 Index gained 0.99% and Germany's DAX fell 1.18%. The two indices have been in a rout since the International Monetary Fund slashed its 2014 global growth forecast, citing eurozone concerns as reason for the revision.

Third-quarter corporate earnings will continue with Chipotle (CMG) and Texas Instruments (TXI) reporting after the market close.

Read More: Five Reasons the Market is Wrong to Think the U.S. is Like Europe

In corporate news, IBM (IBM) said on Monday it would pay $1.5 billion to divest its money-losing chip business to Globalfoundries and record a $4.7 billion pretax charge as part of the divestiture. IBM also said on Monday it would fall short of a goal to deliver $20 in operating earnings per share a year by 2015. Shares in the company were tumbling 6.55% in premarket trading.

eBay (EBAY) was little changed on Monday after it said venture capitalist Mark Andreessen will step down from its board when the company splits its PayPal payments division, expected by mid-2015.

Tesoro (TSO) was little changed on Monday after announcing it will buy midstream assets from QEP Resources for $2.5 billion.

-- Written by Antoine Gara in New York

Follow @AntoineGara

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