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U.S. stock-index futures fell on Tuesday, as investors assessed the latest coronavirus relief bill and mixed raft of corporate earnings reports.

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Wall Street. Stocks before the bell

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Downgrades before the market open

Tesla (TSLA) downgraded to Underperform from Mkt Perform at Bernstein; target $900

FXStreet notes that the S&P 500 Index pushed slightly higher on Monday but maintains a bearish “reversal day” and the Credit Suisse analyst team also now sees the potential for a ‘head and shoulders’ top if the S&P 500 Energy Industry Group break below 260.84/259.49 which would imply a deeper correction.

“Key near-term support is seen at its 13-day average at 3215, with a break below 3200/3198 then needed to confirm the aforementioned top. This would then open the door to a swing lower within the broader sideways range with support seen next at 3173, ahead of 3154 and then more importantly 3116.” 

“Resistance is seen at 3240/41, with a move above 3248 needed to ease the topping threat and see a move back to 3266. Above 3279/81 though is needed to reassert an upward bias again, with the top of the February gap seen at 3328/38.”

“S&P 500 Energy Industry Group is likely to be a good barometer for the broader market over the next few sessions, as a break below 260.84/259.49 would complete a large ‘head and shoulders’ top to suggest a deeper setback, with next supports then seen at 235.089 initially, then 208.23. In contrast, a break above 292.19/32 would actually set a small base to turn the risks higher within the range, with next resistance then seen at 314.01 initially.”

Pfizer (PFE) reported Q2 FY 2020 earnings of $0.78 per share (versus $0.80 per share in Q2 FY 2019), beating analysts’ consensus estimate of $0.66 per share.

The company’s quarterly revenues amounted to $11.801 bln (-11.0% y/y), beating analysts’ consensus estimate of $11.553 bln.

The company also raised guidance for FY 2020, projecting EPS of $2.85-2.95 (compared to $2.82-2.92 previously and analysts’ consensus estimate of $2.72) and revenues of $48.6-50.6 bln (compared to $48.5-50.5 bln previously and analysts’ consensus estimate of $48.11 bln).

PFE rose to $38.86 (+3.52%) in pre-market trading.

Yandex N.V. (YNDX) reported Q2 FY 2020 loss of RUB9.90 per share (versus earnings of RUB21.65 per share in Q2 FY 2019), worse than analysts’ consensus estimate of RUB4.31 per share.

The company’s quarterly revenues amounted to RUB41.407 bln (0.0% y/y), beating analysts’ consensus estimate of RUB40.960 bln.

YNDX fell to $56.09 (-3.11%) in pre-market trading.

Raytheon Technologies (RTX) reported Q2 FY 2020 earnings of $0.40 per share, beating analysts’ consensus estimate of $0.12 per share.

The company’s quarterly revenues amounted to $14.061 bln (+24.1% y/y), beating analysts’ consensus estimate of $13.385 bln.

RTX rose to $62.50 (+2.31%) in pre-market trading.

3M (MMM) reported Q2 FY 2020 earnings of $1.78 per share (versus $2.20 per share in Q2 FY 2019), missing analysts’ consensus estimate of $1.79 per share.

The company’s quarterly revenues amounted to $7.176 bln (-12.2% y/y), missing analysts’ consensus estimate of $7.286 bln.

MMM fell to $158.30 (-3.03%) in pre-market trading.

Altria (MO) reported Q2 FY 2020 earnings of $1.09 per share (versus $1.10 per share in Q2 FY 2019), beating analysts’ consensus estimate of $1.06 per share.

The company’s quarterly revenues amounted to $5.062 bln (-2.5% y/y), generally in line with analysts’ consensus estimate of $5.085 bln.

The company also reinstated its FY 2020 guidance, projecting EPS of $4.21-4.38 versus analysts’ consensus estimate of $4.30.

MO rose to $42.25 (+0.28%) in pre-market trading.

McDonald's (MCD) reported Q2 FY 2020 earnings of $0.66 per share (versus $2.05 per share in Q2 FY 2019), missing analysts’ consensus estimate of $0.76 per share.

The company’s quarterly revenues amounted to $3.761 bln (-29.6% y/y), generally in line with analysts’ consensus estimate of $3.735 bln.

MCD fell to $197.52 (-1.85%) in pre-market trading.