US stocks trading higher hours before Tuesday's opening bell on Wall Street
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US stock futures trade higher hours before Tuesday's opening bell on Wall Street as more earnings reports are released for the first quarter.
Stocks in this article
$ 33981.57
-61.92 (-0.18%)
$ 14138.775812
+121.97 (+ 0.87%)
It's going to be a busy day for revenue, with four Dow members posting results from January through March: 3 million in the morning and Microsoft, Amgen and Visa after the closing bell. Plus two of the big-cap consumer / tech titans that dominate the top averages: Google Parent Alphabet and Microsoft.
The Wall Street benchmark index S&P 500 rose 0.2% overnight as gains in technology, banking and consumer stocks outweighed declines in healthcare.
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Investors expect the Fed to keep its key interest rate near zero and add more money to the financial system through bond purchases after a two-day meeting that begins Tuesday.
Investors also looked for earnings releases from U.S. companies that are expected to generate higher profits as coronavirus vaccines roll out and consumer spending increases. According to a survey by FactSet, quarterly earnings for companies in the S&P 500 are expected to increase 24% from a year ago.
US stock futures trade higher hours before Tuesday's opening bell on Wall Street as more earnings reports are released for the first quarter.
Wednesday's Fed announcement "should be boring as policymakers are widely expected to keep policies stable," Oanda's Edward Moya said in a report.
Investor confidence has increased as governments roll out coronavirus vaccines that they hope can get back to normal business. This was mitigated by unease about possible higher inflation and interest rates.
On Wall Street, the S&P 500 rose to 4,187.62 on Monday. Nasdaq was up 0.9% to 14,138.78. The Dow slipped 0.2% to 33,981.57.
About a quarter of the S&P 500 companies have reported quarterly results so far this earnings season. Of these, 84% made profits that exceeded Wall Street estimates, according to FactSet.
Also on Wednesday, markets will focus on President Joe Biden's prime-time address to Congress for possible details on infrastructure spending and tax reforms.
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Meanwhile, Asian stock markets fell Tuesday after Wall Street hit a new record high as investors looked to this week's Federal Reserve meeting to ensure US interest rates stay extremely low.
Shanghai, Tokyo, Hong Kong and South Korea refused.
The Shanghai Composite Index fell 0.5% to 3,422.52 and the Hang Seng in Hong Kong fell 0.2% to 28,910.50.
Tokyo’s Nikkei 225 fell 0.1% to 29,089.80 after the Bank of Japan expectedly left interest rates and other political attitudes unchanged. The central bank's forecast inflation will be below its target of 2% through 2023, which suggests that policy will remain loose.
Seoul's Kospi fell 0.4% to 3,204.27 after the government reported economic output spiked above pre-pandemic levels, after quarter-to-quarter growth of 1.6 in the three months to March % had accelerated.
The S&P ASX 200 in Australia fell 0.3% to 7,021.80 while the Indian Sensex rose 0.4% to 48,585.72. New Zealand and Indonesia refused, while Singapore and Bangkok advanced.
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In the energy markets, the US crude oil price in electronic trading on the New York Mercantile Exchange rose 29 cents to $ 62.20 a barrel. The contract fell 23 cents on Monday to $ 61.91. Brent crude, which is used to value international oils, raised the price in London by 32 cents to $ 65.35 a barrel.
The dollar rose to 108.22 yen from 108.12 on Monday. The euro fell from $ 1.2092 to $ 1.2074.
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