Stock futures dip after back-to-back gains on Wall Street

General Electric traded more than 2% higher in the premarket after the industrial giant posted quarterly results that beat analyst expectations.

GE earned $1.24 per share on revenue of $21.79 billion for the previous quarter. Analysts expected earnings of $1.13 per share on revenue of $21.59 billion, according to Refinitiv.

“2022 marked the beginning of a new era for GE. We successfully launched GE HealthCare, delivered strong financial performance, made significant operational progress, and continued our steadfast commitment to our customers. Thanks to the high-quality work of our team, GE ended the year with solid revenue growth and margin expansion,” CEO Larry Culp said in a statement.

— Fred Imbert

AMD shares slipped more than 2% after Bernstein downgraded the semiconductor manufacturer to market perform from outperform. The firm cited worsening personal computer market trends for the downgrade.

“It must be said that the PC environment has grown considerably worse since then,” Bernstein said in a note to client. “And our belief that AMD would prove relatively more immune to channel degradation proved unfortunately incorrect, and in recent months we have been growing more wary of potential PC dynamics.”

— Alex Harring

European markets were mixed on Tuesday with investors digesting the latest flash purchasing managers’ index data from the euro zone in January.

The pan-European Stoxx 600 index hovered fractionally above the flatline in early trade, with retail stocks adding 0.7% while oil and gas stocks fell 0.6%.

The S&P Global euro zone composite PMI came in at 50.2 in January, up from 49.3 in December and ahead of a consensus forecast of 49.8.

A Goldman Sachs Asset Management strategist has named a segment of the market that could be poised for a comeback this year.

James Ashley, head of international market strategy at Goldman Sachs Asset Management, also pointed toward research that showed these types of companies tend to outperform when inflation is high but falling.

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— Ganesh Rao

Shares of Zions Bancorp fell more than 2% despite the regional bank beating earnings estimates for the fourth quarter. Zions reported $1.84 in earnings per share, above the $1.65 expected by analysts, according to StreetAccount. Net interest income also beat estimates.

Noninterest income was lower than expected, however, and deposits fell 13% year over year to $71.7 billion.

Shares of Zion gained 2.27% in regular trading on Monday before its earnings were released.

—Jesse Pound

Stocks rose on Monday, but aren’t quite high enough to be considered a true market rally,…