Dow Futures Down 80 Points; Netflix Expects Subscriber Growth

US stocks opened marginally lower on Wednesday, giving back some of the previous session's sharp gains, but healthy results from streaming giant Netflix are likely to limit losses as the corporate earnings deluge continues.

At 07:00 a.m. ET (1100 GMT), Dow futures were down 80 points, or 0.3%, S&P 500 futures were down 10 points, or 0.3%, and Nasdaq 100 futures were down 20 points, or 0.2%. The major indices on Wall Street ended Tuesday strongly higher, with the blue-chip Dow Jones Industrial Average up over 750 points, or 2.4%, the broad-based S&P 500 up 2.8% and the tech-heavy Nasdaq Composite up 3.1%. More than half of the S&P 500 companies reporting so far have beaten expectations, and Netflix (NASDAQ:NFLX) added to that number after the close on Tuesday, predicting it would return to customer growth this quarter after losing less than 1 million subscribers in the quarter, much better than the 2 million it had previously projected. With a slew of earnings due from a wide range of companies, including Tesla (NASDAQ:TSLA) this week and Abbott Laboratories (NYSE:ABT) on Wednesday, investors are curious to see what executives have to say about the outlook as we enter the second half of the year. The latest monthly fund manager survey by Bank of America showed that investors have reduced their exposure to risky assets to levels not seen even during the global financial crisis, as global growth and profit expectations hit all-time lows. According to the report, this suggests that the market is in full capitulation mode, potentially creating a buying opportunity.