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Stock Futures Edge Higher; Chip Giant Hit On Apple News | Stock News & Stock Market Analysis

Major stock indexes were poised for slightly higher opens Tuesday on another busy morning of headlines.

In stock news, shares of Qualcomm (QCOM) slumped 5% in premarket trading after reports surfaced that Apple (AAPL) could drop Qualcomm components in next year’s iPhones and iPads. The two companies are locked in a legal battle regarding Qualcomm’s licensing terms with Apple.

Dow Jones industrial average, S&P 500 and Nasdaq 100 futures showed gains of around 0.1% to 0.2% before the open.

The two-day Fed meeting starts today and concludes Wednesday, with a policy statement due at 2 p.m. ET. The market isn’t expecting a rate hike, but it is expecting one at the December meeting.  In related news, President Trump on Thursday is expected to name current Fed Governor Jerome Powell as the new head of the Federal Reserve.

Key economic data due for the rest of the week include the ISM manufacturing index on Wednesday and the jobs report on Friday.

Pfizer (PFE) was an early mover in the Dow Jones industrial average on earnings. Shares gave back early gains but were still up 0.3% to 35.25 in premarket trading. Pfizer is seeking support at the 50-day moving average after an earlier breakout over a 34.58 buy point.

Elsewhere, the news wasn’t good at Under Armour (UA) as shares tanked 15% in early trading. An earnings beat was offset by a sales miss. Headed into Tuesday, shares of Under Armour were down 41% year-to-date amid deteriorating fundamentals.

Meanwhile, Aetna (AET) was up nearly 2% in early trading after reporting earnings. Share of the insurer soared nearly 8% last week on news CVS might be interested in buying the insurer for around $66 billion, or 200 a share.

RELATED:

Under Armour Slashes Full-Year Estimates After Q3 Sales Unexpectedly Fall

Pfizer Tops Q3 Earnings Forecasts, Raises Full-Year EPS Targets

Aetna Tops Earnings Views But Revenue Soft Amid CVS Health Buzz

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