Wall Street Likely To Open Weak

Lower futures and weak commodity prices point to a negative start for stocks on Wall Street Tuesday morning.

The Dow futures are down 0.34% and the S&P Futures are down 0.23%, while the Nasdaq futures are down 0.08%.

With several big-name tech companies scheduled to report thier earnings today and tomorrow, the market is likely to exhibit a mixed trend.

Microsoft (MSFT) and Alphabet (GOOGL) are reporting their earnings today. On Wednesday, Meta Platforms (META) is scheduled to announce its earnings, while results from Amazon (AMZN) and Apple Inc (AAPL) are due on Thursday.

Several other companies, including Ford, 3M, Exxon Mobil, Boeing and Chevron are also due to release their earnings update during the course of this week.

On the economic front, a reading of SUP/CAse-Shiller Composite index is due at 9 AM ET.

At 10 AM ET, the Richmond Fed Manufacturing Index score is due. The consumer confidence index reading is also due out at 10 AM ET.

U.S. stocks moved sharply higher on Monday after struggling for direction earlier in the session. The major averages added to the strong gains posted in the previous session, with the Dow and the S&P 500 reaching their best closing levels in a month.

The Dow surged 417.06 points or 1.3% to 31,499.62, the Nasdaq advanced 92.90 points or 0.9% to 10,952.61 and the S&P 500 jumped 44.59 points or 1.2% to 3,797.34.

The strength that emerged on Wall Street partly reflected optimism the Federal Reserve will signal a slowdown in monetary policy tightening following its meeting next week.

Asian stocks ended mixed on Tuesday as concerns over China’s growth prospects and a new political order in the country offset hopes of a Fed pivot.

European stocks are turning in a mixed performance with investors digesting a slew of earnings updates and looking ahead to the policy meetings by the European Central Bank and Federal Reserve for directional clues.

In commodities trading, West Texas Intermediate Crude oil futures are down $1.29 or 1.41% at $83.39 a barrel. Gold futures are down $6.70 or 0.41% at $1,647.40 an ounce.