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Inventories are lowered before the market opens as Wall Street awaits earnings reports



US stock futures move lower hours before the opening clock on Wednesday as Wall Street awaits earnings reports from both Home Depot and Macy’s.

Ticker Security Last Change Change %
Me: DJI DOW JONES AVERAGE 31
521.69
+27.37 + 0.09%
SP500 S&P 500 3876.5 -30.21 -0.77%
I: COMP NASDAQ COMPOSITE INDEX 13533.048339 -341.41 -2.46%

On Wall Street, the S&P 500 fell 0.8% to 3,867.50, extending its losses to a fifth consecutive day. The benchmark index was almost evenly distributed between winners and losers, but technology stocks and companies that depend on consumer consumption accounted for the majority of sales. Apple fell 3%, Microsoft fell 2.7%, Tesla fell 8.5% and Amazon lost 2.1%.

Dow Jones Industrial Average rose 0.1% to 31,521.69. Nasdaq lost 2.5% to 13,533.05. The Russell 2000 Small Business Index rose 0.7% to 2,251.07.

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Equities began to shed some of their gains last week after a strong start in February as rising interest rates and the potential for inflation along the way dampened some of Wall Street’s enthusiasm, even though the major stock indices are close to their peak times.

“Capital investors are finally paying attention to the bond market,” said Mike Zigmont, director of trading and research at Harvest Volatility Management. “With rising interest rates, there are a lot of tremors in the stock space.”

US stock futures are in positive territory hours before the opening clock on Wednesday as Wall Street awaits earnings reports from both Home Depot and Macy’s. (Courtney Crow / New York Stock Exchange via AP)

Investors remain focused on the future of global economies hit hard by COVID-19 and the potential for more stimulus to address them. The House of Representatives is likely to vote on President Joe Biden’s proposed stimulus package before the end of the week. That would include $ 1,400 checks for most Americans, additional payments to children and billions of dollars in support of state and local governments, as well as additional support for companies affected by the pandemic.

But the sheer amount of stimulus pumped into the economy has given some investors a break and revived concerns about inflation that have barely existed for more than a decade. Yields on US government bonds and banknotes have risen in the last few weeks, as investors are betting that the recovery will lead to more inflation.

“There are some risks out there,” said Gary Schlossberg, global strategist at Wells Fargo Investment Institute. “The problem is whether we’re just normalizing back to where we were before the pandemic, or we’re talking about a sea change.”

Technical stocks have had big gains throughout the pandemic, as investors are betting that consumers who spend more time at home will increasingly rely on mobile devices, PCs, video streaming and other technology products and services.

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Meanwhile, Asian markets were mixed on Tuesday after a sell-off of shares in technology companies on Wall Street.

With Tokyo closed for a national holiday, South Korea’s Kospi slipped nearly 0.2% to 3,074.76. Australia’s S & P / ASX 200 rose 0.9% to 6,839.20. Hong Kong’s Hang Seng jumped 1.0% to 30,618.85, while the Shanghai Composite lost 0.5% to 3,623.99.

“Fortunately, for society in general, there is more optimism than fear today with vaccines showing on-site scientific results that validate efficiency and effectiveness in terms of transmission, leading the world back to normalcy, which is about to begin,” said Stephen Innes, chief executive. for global market strategist at Axi.

Although the world economies have been hit hard by the coronavirus pandemic, the proliferation of COVID-19 vaccines is creating hope for a recovery.

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In energy trading, the U.S. benchmark crude oil rose 76 cents to $ 62.46 per barrel. Barrel of Electronic Commerce on the New York Mercantile Exchange. It got $ 2.44 to $ 61.70 per. Barrel Monday. Brent crude oil, the international standard, rose $ 1.14 to $ 66.38 per barrel. Barrel.

In foreign exchange trading, the US dollar fell to 105.09 Japanese yen from 105.08 yen. Euro cost $ 1.2167, up from $ 1.2157.

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AP Business Writers Damian J. Troise and Alex Veiga contributed.


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