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U.S. stock futures were mixed in early trading Tuesday, following a second consecutive record close for the S&P 500, as investors continue to bet that a strong earnings season and declining inflation will guide the domestic economy to a hard landing. soft this year.
Stocks closed higher again yesterday, with the Dow Jones surpassing the 38,000 mark for the first time and the S&P 500 notching its second record close. The figures were released even amid a slight gain in technology stocks called the Magnificent 7 and an upward push in Treasury yields.
Investors are now likely to focus on a busy corporate earnings schedule over the next three sessions. Netflix (NFLX) - Get a free report is scheduled to update investors after the close of business and Verizon (VZ) - Get a free reportJohnson and Johnson (JNJ) - Get a free reportGeneral Energy (G.E.) - Get a free report3M (HMM) - Get a free report and Procter & Gamble (P.G.) - Get a free report They are reporting before the bell rings.
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GE shares fell after the industrial giant beat Wall Street forecasts for fourth-quarter earnings but forecast weak free cash flow and profits to start the new year.
Johnson & Johnson's earnings outlook also remained stable, with the pharmaceutical giant reiterating its 2024 outlook following a better-than-expected fourth-quarter update.
Verizon shares rose 5.6% after beating Street earnings forecasts and saying profits would rise steadily over the next year thanks in part to better-than-expected gains in wireless subscribers tied to its new plan offerings. hybrids.
united airlines (UAL) - Get a free report, which was reported after the close of trading last night, was the top pre-market mover. Shares rose more than 6% after the airline offset an expected hit from Boeing. (licensed in letters) - Get a free report plane delays with an optimistic 2024 earnings outlook of between $9 and $11 per share.
Overall, analysts expect S&P 500 collective fourth-quarter earnings to rise about 4.5% from the same period in 2022, to $454.2 billion on a stock-weighted basis. First-quarter earnings are expected to rise 6.6% to $468 billion.
Elsewhere, yields on benchmark 10-year Treasury bonds were steady at 4.128% in early New York trading, while 2-year bonds were set at 4.406%. This is ahead of a $60 billion auction of new paper taking place today, the first of three coupon sales this week that will raise about $162 billion.
The US dollar index, which tracks the greenback's performance against a basket of six global currencies, rose 0.06% to 103.398.
On Wall Street, stock futures suggest a moderate open, with the S&P 500 trading 4 points higher and the Dow Jones Industrial Average indicating a decline of around 10 points. Meanwhile, the tech-focused Nasdaq is trading 28 points higher.
In Europe, the Stoxx 600 was down 0.2% in early Frankfurt trading, while Britain's FTSE 100 was down 0.12% and closely tracking US stock futures.
Overnight in Asia, the Bank of Japan held its policy rate steady at -0.1%, while maintaining its overall ultra-loose policy tone, while lowering inflation forecasts for next year.
The Nikkei 225, which closed at a 34-year high on Monday, ended the session down 0.06% to 36,517.57 points. The broader MSCI index excluding Japan fell 0.06% at the end of the day.
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