Verizon VZ surpassed Wall Street’s earnings per share (EPS) estimate but fell short on the revenue side. Some of the companies that beat the average analyst estimate on both top- and bottom-lines included Alaska Air ALK, Dow (DOW), General Electric GE, General Motors GM, and Kimberly-Clark KMB. Industrial might: Quarterly results this morning-dominated by industrials sector firms-generally exceeded Wall Street’s expectations. WTI Crude Oil (/CL) is flat at $78.83 per barrel.Cboe Volatility Index ® (VIX) futures were steady at 14.01.Dollar Index ($DXY) rose slightly to 101.43 and is up each day over the last week. The 10-year Treasury note yield (TNX) ticked up 3 basis points to 3.89%.Strength in the $DJI and the RUT partially reflect recent solid performance by the financials sector. The $DJI is now up 11-straight sessions, the longest streak since early 2017. Gains were fairly broad-based on Monday, with the S&P 500 ® Index (SPX), Dow Jones Industrial Average ($DJI), Nasdaq Composite (COMP), and small company-focused Russell 2000 (RUT) all moving higher. Beijing’s announcement of new measures to spark private investment, a form of stimulus for the sluggish economy, powered gains.
exchanges including Alibaba BABA and JD.com JD.
This lent strength in premarket trading to some of the Chinese stocks listed on U.S. stocks were subdued overnight and ahead of the opening bell, but China’s stock market surged on Tuesday. A quarter-point increase is baked into futures trading.
Next week is packed, too.Īdditionally, Tuesday kicks off the Federal Open Market Committee’s (FOMC) two-day meeting, with a rate decision scheduled for tomorrow at 2 p.m.
All told, nearly one-third of S&P 500 companies are on the docket over the next four days, meaning earnings season will be half-finished by Friday afternoon. Texas Instruments TXN also reports today, and Intel (INTC) is due later this week, along with results from a host of energy, pharmaceutical, and industrials firms. This beams the spotlight on some of the most widely followed tech businesses including cloud computing, artificial intelligence (AI), and, in the case of Alphabet and Meta, internet advertising. Microsoft MSFT and Alphabet GOOGL accelerate the mega-cap earnings season by reporting today after the close, followed by Meta Platforms META tomorrow. (Tuesday market open) This afternoon serves up a double-feature, and it’s not “Barbenheimer.”
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