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US stocks are trending lower hours before the opening clock



US stock futures trends lower hours ahead of health earnings reporting on Tuesday as service giant CVS Health and pharmaceutical company Pfizer send results before opening time.

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$ 34113.23

+238.38 (+ 0.70%)

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At the end of the trade, expect to hear from the wireless telecommunications company T-Mobile US, the ride-sharing company (and Uber’s smaller rival) Lyft, the life and health insurance company Prudential Financial and the reopening of pieces like Caesars Entertainment, Hyatt Hotels and Host Hotels and Resorts.

On Monday, a strong dose of positive earnings reports and economic data showing that the US economy was growing pushed the S&P 500 up 0.3%. US futures were lower Tuesday.

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On Monday, Federal Reserve Chairman Jerome Powell said the economic outlook is “clearly bright” in the United States, but the recovery remains too erratic.

Healthcare and energy companies helped push stocks higher, with the S&P 500 closing at 4,192.66.

The Dow Jones Industrial Average added 0.7% to 34,113.23. The technically heavy Nasdaq threw an early gain and fell 0.5% to 13,895.12.

U.S. stock futures pull lower hours ahead of health earnings reporting on Tuesday as service giant CVS Health and pharmaceutical company Pfizer send results before opening time.

Smaller businesses had a good view. The Russell 2000 index rose 0.5% to 2,277.45.

Stocks have been higher on expectations of an economic recovery and strong corporate profits this year, as major coronavirus vaccination programs are helping people return to jobs and normal activities after more than a year of restrictions. Massive support from the US government and

More than half of the companies in the S&P 500 have reported their results so far this earnings season, which so far shows a profit growth of 54% according to FactSet.

This is another busy week for earnings reports, with Merck, Pepsi, Colgate-Palmolive and CVS among the companies reporting their most recent quarterly results. Investors will also receive the April job report on Friday.

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On the economic front, a report on U.S. manufacturing activity in April came below economists’ expectations, but was still strong for the month. The Institute for Supply Management’s manufacturing index came in at 60.7 in April compared to the expected 65.0 reading. However, the figure is still well above the 50-point mark, indicating a growing production activity.

A report on U.S. construction spending showed similar results, yielding gains but still lacking economists’ forecasts. Expenditure on construction projects rose only 0.2% in March, the trade department said on Monday, significantly less than the 1.7% jump economists had expected.

The yield on the 10-year US government bond fell to 1.60% from 1.65% late Friday.

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Meanwhile, Asian equities were mostly higher on Tuesday after strong corporate earnings and economic data lifted equities on Wall Street.

Hong Kong, Sydney and Seoul advanced. Tokyo and Shanghai were closed for the holidays.

Hong Kong’s Hang Seng rose 0.5% to 28,500.95, and the S & P / ASX 200 rose 0.5% to 7,060.40. In Seoul, Kospi picked up 0.6% to 3,144.66. India’s Sensex added 0.3% to 48,889.73.

Shares fell in Taiwan, Singapore, Jakarta and Malaysia.

The Australian Reserve Bank left its policy unchanged on Tuesday at its May meeting.

The lack of trade in China and Japan and mixed results in New York “left the region’s content to sit idly by with the Covid-19 nerves regionally and offset the bullishness of the Wall Street reopening of goblins,” Jeffrey Halley of Oanda said in a comment.

US benchmark crude yielded 8 cents up to $ 64.41 per barrel. Barrel of Electronic Commerce on the New York Mercantile Exchange. It rose 91 cents Monday to $ 64.49 per share. Barrel. Brent crude, the international standard, fell 10 cents to $ 67.46 per barrel. Barrel.

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The US dollar rose to 109.33 Japanese yen from 109.09 yen late on Monday. The euro fell to $ 1.2035 from $ 1.2066.


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