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P&G, Boeing earnings loom large for Wall Street

U.S. stock index futures seesawed on Wednesday, as investors digested another wave of major earnings, including Dow-listed Boeing and Procter & Gamble.

Boeing reported an 8 percent increase in quarterly revenue, helped by a rise in commercial aircraft deliveries.

Procter & Gamble, the world's largest household products maker, reported a higher quarterly profit on Wednesday, helped by an increase in sales of its home care products.

Other companies reporting first-quarter results before Wall Street opens on Wednesday include Delta Air Lines, Dow Chemical, Dr Pepper Snapple, General Dynamics, Johnson Controls, Norfolk Southern, Northrop Grumman and TD Ameritrade.

New home sales data for March are out on Wednesday, but the focus is likely to be on the Markit manufacturing purchasing managers' index (PMI). After a string of positive data surprises, this will give an indicator of how next week's official Institute for Supply Management (ISM) manufacturing data might read.

Outside of the U.S., HSBC published factory activity figures for China that showed a further decline in April. It flash PMI came in at 48.3, indicating a contraction for a fourth consecutive month.

Read MoreChina HSBC flash PMI ticks up, but still in contraction

"We're very worried about the second-quarter GDP (gross domestic product). We think it's going to slow down," forecast Zhang Zhiwei, chief China economist at Nomura.


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