Earnings season kicked into high gear on Tuesday with Procter & Gamble and Johnson & Johnson releasing quarterly earnings figures
US Equity Futures Moving higher, but continuing to search for direction ahead of Tuesday’s session on Wall Street.
Third-quarter earnings season kicks into high gear on Tuesday with three Dow members — health care giants Procter & Gamble and Johnson & Johnson, and property and casualty insurer Travelers — all set to report before the opening bell. Meanwhile, video streaming pioneer Netflix will grab everyone’s attention in the afternoon when it becomes the first big-cap consumer/tech titan to post 3Q results.
Companies are warning that supply disruptions due to the pandemic are disrupting production and could cost them economic losses.
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Investors worry that this is driving up inflation and could slow the economic recovery.
“Inflation pressure was here to us – and remains constant,” researchers from the BlackRock Investment Institute said in a report.
On Wall Street, the S&P 500 rose to 4,486.46. The index gained 1.8% last week.
The Dow Jones Industrial Average fell 36.15 points, or 0.1%, to end at 35,258.61. The Nasdaq rose 124.47, or 0.8%, to 15,021.81.
Chipmaker Nvidia rose 1.6% and Target rose 3.2%.
Those gains were offset by losses for health care and other companies. Medical device vendor Medtronic fell 5.5%.
The S&P 500 is within nearly 1.1% of its September 2 all-time high.
Also, on Tuesday, the Commerce Department was to submit a report on the commencement of housing in September.
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Toyota Motor Co rose 1.3% on Monday after announcing plans to build a $1.3 billion factory in the United States to make batteries for electric and gas-electric hybrid vehicles. TV station owner Sinclair Broadcasting fell 2.9% after reporting the data breach.
Also on Monday, the Federal Reserve reported an unexpectedly big 1.3% drop in US industrial output on Monday. About half of this was blamed on the effects of Hurricane Ida.
Meanwhile, Asian stock markets followed Wall Street as investors awaited US corporate results on Tuesday to see how companies were coping with supply disruptions and last quarter’s rise in coronavirus infections.
Shanghai, Tokyo, Hong Kong and Sydney advanced.
Wall Street’s benchmark S&P 500 index rose 0.3%, driven by tech and consumer stocks.
“It was a good day to be a mega-cap tech stock,” Oanda’s Edward Moya said in a report.
The Shanghai Composite Index rose 0.7% to 3,593.23 and the Nikkei 225 in Tokyo rose 0.6% to 29,198.90. The Hang Seng in Hong Kong rose 1.2% to 25,708.52.
In Seoul, the Kospi rose 0.6% to 3,027.15 and Sydney’s S&P-ASX 200 rose 0.1% to 7,386.60.
India’s Sensex opened 0.2% higher at 61,894.25. New Zealand and Singapore advanced while Bangkok and Jakarta declined.
In energy markets, benchmark US crude rose 18 cents to $81.87 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used for the price of international oil, rose 10 cents to $84.43 a barrel in London.
The dollar fell to 114.19 yen from Monday’s 114.26 yen. The euro rose from $1.1610 to $1.1649.