1.3 C
New York

Stock futures inch up after Dow reverses course to begin busy earnings week

Published:

A trader works on the ground of the Latest York Stock Exchange (NYSE) in Latest York City, July 13, 2022.

Brendan McDermid | Reuters

Stock futures were barely higher on Tuesday morning after the Dow Jones Industrial Average slumped greater than 200 points during Monday’s session, reversing an earlier rally as earnings season continued in earnest.

Dow Jones Industrial Average futures rose by 39 points, or 0.13%. S&P 500 futures ticked up 0.21% and Nasdaq 100 futures rose 0.12%.

Shares of IBM fell greater than 4% after hours when the unique tech company lowered its forecast for money flow, even while reporting earnings that beat Wall Street’s earnings and revenue estimates.

Earlier, the Dow shed greater than 200 points to finish the day within the red, reversing a morning rally fueled by solid earnings reports from Goldman Sachs and Bank of America. Oil broke above $100 a barrel, and bitcoin surged to the very best levels seen since mid-June.

Late within the trading session, stocks were dragged down on a Bloomberg report that Apple would slow hiring and spending on growth next 12 months to arrange for a possible economic downturn. Shares of the iPhone maker ended the day about 2.1% lower.

Monthly homebuilder sentiment plunged 12 points to 55, the bottom for the reason that start of the pandemic, based on a report Monday from the National Association of Home Builders. Confidence is coming under pressure in a number of economic sectors because the Federal Reserve continues its campaign to lift rates of interest to tame high inflation. The Fed’s next policy meeting wraps up on Wednesday, July 27.

Still, whether the U.S. will experience a recession, and its potential duration and depth, are up for debate.

“Once we take into consideration earnings and we take into consideration where stocks are actually, we expect there’s upside just because there could also be overpricing of this recession that some people think is imminent or already upon us,” said Julian Emanuel, senior managing director at Evercore ISI, during Monday’s Fast Money on CNBC.

The flood of second quarter earnings results continues this week. Johnson & Johnson and Hasbro will report quarterly results before the bell Tuesday, with Netflix reporting after the market close. Later within the week, Tesla, United Airlines, American Airlines, Snap, Twitter and Verizon are amongst those scheduled to report.

sportinbits@gmail.com
sportinbits@gmail.comhttps://sportinbits.com
Get the latest Sports Updates (Soccer, NBA, NFL, Hockey, Racing, etc.) and Breaking News From the United States, United Kingdom, and all around the world.

Related articles

spot_img

Recent articles

spot_img