Stocks are likely to move to the upside in early trading on Tuesday, extending the upward trend see over the past several sessions. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 110 points.
The markets may continue to benefit from a positive reaction to the latest batch of earnings news from several big-name companies.
Shares of UPS (UPS) are moving sharply higher in pre-market trading after the delivery giant reported third quarter results that exceeded analyst estimates on both the top and bottom lines.
General Electric (GE) may also move to the upside after reporting better than expected third quarter earnings and raising its full-year guidance.
Shares of Facebook (FB) are also seeing some pre-market strength after the social media giant reported third quarter earnings that beat expectations, although its revenues came in below estimates.
On the other hand, shares of Lockheed Martin (LMT) are likely to come under pressure after the defense contractor reported weaker than expected third quarter revenues and lowered its full-year guidance.
Shortly after the start of trading, the Commerce Department is due to release its report on new home sales in the month of September. New home sales are expected to jump by 2.7 percent to an annual rate of 760,000.
The Conference Board is also scheduled to release its report on consumer confidence in the month of October. The consumer confidence index is expected to edge down to 109.0 in October from 109.3 in September.
Stocks moved mostly higher during trading on Monday, extending the notable advance seen last week. With the continued upward move, the Dow and the S&P 500 reached new record closing highs.
The major averages all closed in positive territory, although the tech-heavy Nasdaq outperformed its counterparts. While the Nasdaq jumped 136.51 points or 0.9 percent to 15,226.71, the S&P 500 rose 21.58 points or 0.5 percent to 4,566.48 and the Dow edged up 64.13 points or 0.2 percent to 35,741.15.
In overseas trading, stock markets across the Asia-Pacific region turned in another mixed performance during trading on Tuesday. Japan’s Nikkei 225 Index surged up by 1.8 percent, while China’s Shanghai Composite Index fell by 0.3 percent.
Meanwhile, the major European markets have all moved to the upside on the day. While the German DAX Index has jumped by 1 percent, the French CAC 40 and the U.K.’s FTSE 100 Index are both up by 0.7 percent.
In commodities trading, crude oil futures are rising $0.40 to $84.16 a barrel after closing unchanged at $83.76 a barrel on Monday. Meanwhile, after climbing $10.50 to $1,806.80 an ounce in the previous session, gold futures are sliding $7.80 to $1,799 an ounce.
On the currency front, the U.S. dollar is trading at 114.15 yen compared to the 113.71 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1615 compared to yesterday’s $1.1608.
Business News
U.S. Stocks May Extend Upward Trend On Upbeat Earnings News
2021-10-26 12:52:49
