Stock Futures Pare Losses as Exxon, MasterCard Beat Forecasts

NEW YORK (TheStreet) -- Stock futures were paring losses following upbeat reactions to encouraging quarterly earnings reports from MasterCard (MA) and Exxon Mobil's (XOM).

They remained in the red though on concerns that the Federal Reserve was becoming less cautious about early tapering of its stimulus program and as the eurozone's labor market was still on shaky ground.

Futures for the S&P 500 were down 2.75 points, or 0.06 points below fair value, to 1,757.75. Futures for the Dow Jones Industrial Average were down 9 points, or 7.76 points below fair value, to 15,544. Futures for the Nasdaq were down 15.5 points, or 0.43 points below fair value, to 3,376.8.

The eurozone's unemployment rate sat at a record high of 12.2% in September, while the August estimate was upwardly revised to 12.2%, according the European Union statistics agency Eurostat.

Starbucks (SBUX) shares were falling 1.66% to $79.49 in premarket trading as revenue fell short of analyst expectations for the coffee-focused retailer's September-ending fourth quarter. U.S. operations had comp sales growth of 8% in the quarter. Starbucks said comparable sales in its China and Asia Pacific markets rose 8%, but just 2% comp growth in its Europe, Middle East and Africa markets.

Exxon shares were gaining 0.55% to $89.30 after the oil giant reported third quarter earnings per share of $1.79 on revenue of $112.37 billion, beating the average analyst earnings estimate of $1.77 a share on revenue of $107.39 billion. During the quarter, oil and natural gas output increased from a year earlier, but refining margins were significantly weaker.

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