Stock market news live: Stock futures point to second straight day of gains

U.S. stock futures were higher in early trading, pointing to a second straight day of gains as investors monitored a slew of corporate earnings releases, the latest coronavirus developments and the Federal Reserve for its monetary policy decision out later this afternoon.

7:45 a.m. ET: Boeing posts annual loss, rising costs as 737 Max woes continue

Beleaguered aircraft giant Boeing (BA) reported its first annual loss since 1997 as costs mounted in operational disruptions and customer concessions amid the near year-long grounding of the 737 Max.

The company’s full-year GAAP loss per share totaled $1.12, while its core non-GAAP loss per share was $3.47 on revenue of $76.6 billion. In the last three months of the year alone, core losses per share were $2.33 on revenue of $17.9 billion, representing a sales decline of 37% over the same period last year.

Boeing’s expected costs associated with the grounded 737 Max have risen to more than $18 billion, or double what had been previously disclosed. On top of the more than $9 billion in costs already reported, Boeing said it was taking a $2.6 billion pretax write-down to compensate airline customers. It also said its deferred production costs would rise by $2.6 billion, and it reported an additional $4 billion in expected “future abnormal costs” as it eventually re-starts the 737 Max program.

Here’s what newly installed CEO David Calhoun had to say about results, according to a statement:

“We recognize we have a lot of work to do. We are focused on returning the 737 MAX to service safely and restoring the long-standing trust that the Boeing brand represents with the flying public. We are committed to transparency and excellence in everything we do.  Safety will underwrite every decision, every action and every step we take as we move forward. Fortunately, the strength of our overall Boeing portfolio of businesses provides the financial liquidity to follow a thorough and disciplined recovery process.”

7:31 a.m. ET: U.S. stock futures point to slightly higher open

Contracts on the three major indices rose during the pre-market session, adding to Tuesday’s gains of more than 1% in each of the S&P 500 and Nasdaq.

Positive earnings results from component companies including Apple (AAPL) and McDonald’s (MCD) helped push Dow futures about 100 points higher in early trading.

Here were the main moves during the pre-market session, as of 7:31 a.m. ET:

  • S&P futures (ES=F): 3,290.5, up 12.25 points or 0.37%

  • Dow futures (YM=F): 28,808.00, up 98 points or 0.34%

  • Nasdaq futures (NQ=F): 9,149.75, up 44.5 points or 0.49%

  • Crude oil (CL=F): $53.91 per barrel, up $0.43 or 0.8%

  • Gold (GC=F): $1,570.00 per ounce, up $0.20 or 0.01%

Traders work on the floor at the New York Stock Exchange (NYSE) in New York, U.S., November 27, 2019. REUTERS/Brendan McDermid

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