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Stock Futures Higher As Earnings Roll In: General Motors Slides On Q3 Beat, Boeing Gains On Loss

Stock futures edged higher amid a trove of third quarter earnings reports and another move higher in Treasury bond yields.

Stock futures edged higher Wednesday, following on from another record high close for both the Dow and the S&P 500, as Wall Street sifted through a trove of third quarter earnings reports and a further move higher in Treasury bond yields.

The strength of the third quarter earnings seasons has powered stocks to a series of record highs this month, but creeping inflation concerns, and the uncertainty linked to Democratic tax proposals -- alongside ongoing disruptions in the global supply chain -- remain a constant on the bear side of the market's ledger.

Market-based gauges for near-term inflation prospects, in fact, are trading the the highest levels in 15 years, while benchmark 2-year note yields topped the 0.5% mark in overnight trading for the first time in 19 months as investors re-set rate expectations ahead of next month's Federal Reserve policy meeting. 

Futures contracts tied to the Dow Jones Industrial Average are indicating a 35 point opening bell gain, while those linked to the S&P 500 futures are suggesting a 2.5 point bump. Nasdaq futures gained around 20 points.

In company news, Pfizer  (PFE) - Get Pfizer Inc. Report shares rose after an advisory panel to the Food & Drug Administration recommended its coronavirus vaccine for young children.

Microsoft  (MSFT) - Get Microsoft Corporation (MSFT) Report surged after the tech giant posted first quarter profits of more than $20 billion, powered in part by booming demand for its cloud computing services.

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Microsoft said revenue for Azure, its flagship cloud division, rose 48% from last year, helping overall revenue rise 22% to a record $45.3 billion.

Boeing  (BA) - Get Boeing Company Report shares were up slightly after the aerospace giant posted a wider-than-expected third quarter loss Wednesday, as well as softer revenues, as the company warned that charges linked to its delayed 787 Dreamliner could reach $1 billion.

General Motors  (GM) - Get General Motors Company (GM) Report, however, fell 2.6% despite much stronger-than-expected third quarter earnings and a robust full-year profit outlook.

McDonalds  (MCD) - Get McDonald's Corporation (MCD) Report posted stronger-than-expected third quarter earnings as higher U.S. menu prices, as well as larger order sizes, boosted sales for the world's biggest restaurant chain.

Tesla shares rose after riding-hailing company Uber Technologies  (UBER) - Get Uber Technologies, Inc. Report said it would partner with Hertz Global  (HTZZ) - Get HERTZ GLOBAL HOLDINGS INC Report to offer 50,000 clean-energy cars to its drivers.

Coca-Cola  (KO) - Get Coca-Cola Company Report posted better-than-expected third-quarter earnings and lifted its full-year profit forecast as major economies around the world continued with the re-opening of restaurants, sports venues and movie theaters-- and serving Coke.