Industry
Nasdaq futures jumped on Monday as markets focused on a busy week of earnings from mega-cap technology companies, against a backdrop of rising hopes for a fiscal package from Biden administration.
PHOTO FILE: Exterior view of Nasdaq marketplace in Manhattan City, New York, USA, October 24, 2016. REUTERS / Shannon Stapleton / File Photo
REUTERS: Nasdaq futures jumped on Monday as markets focused on a busy week of earnings from mega-cap technology companies, against a backdrop of rising hopes for a fiscal package from Biden administration.
Winners of “stay-at-home” known as Microsoft Corp, Facebook Inc and Apple Inc rose between 1.4per cents and 2.2per percent in pre-sale trading, as investors were optimistic about the reports. earnings after attractive results from Netflix Inc last week.
Microsoft, which was expected to report results on Tuesday, rose 1.5per percent as Wedbush raised its price target on software maker stock in anticipation of further growth in its cloud business for 2021.
Officials in President Joe Biden’s administration tried to dispel Republican concerns that his US $ 1.9 trillion pandemic relief proposal was too expensive, even as lawyers from both parties agreed that American COVID-19 vaccine.
“Substantial fiscal support is expected to keep the bulls in check,” said Hussein Sayed, FXTM’s chief market strategist.
“Some investors are concerned about the rise in COVID-19 mutations, but it is fiscal and monetary policies combined with earnings that will determine the next move in equities.”
Wall Street’s top indices hit last week’s highs on hopes of a full economic reopening, backed by the effective circulation of vaccines across the country, which more than 175,000 new cases are suffered every day with millions out of work.
The Dow and S&P 500 ended lower on Friday, slowed by a loss in Intel Corp and IBM blue-chip technology strikers after their quarterly results, and how investors sold linked energy to the economy and banking sectors following a recent rally.
With stock market price volatility, investors are on the lookout for corporate forecasts to confirm, in anticipation of an economic recovery this year. Wages are expected to rise 23.7per percent this year after falling 14.1per percent in 2020, according to Refinitiv.
At 6:50 am ET, the Dow e-minis was down 13 points, or 0.04per cents, the S&P 500 e-minis was up 11 points, or 0.29per cents, and the Nasdaq 100 e-minis was up 123 points, or 0.92per cents .
Micro Devices Inc advanced 1.5per percent after RBC raised its price target on the chipmaker’s stock in terms of expectations for upbeat fourth-quarter earnings, helped by upside from PC demand, GPU demand and improving trends the server.
Merck & Co Inc fell 1.2per percent after the drug dealer said it would end the development of its two COVID-19 vaccines and pandemic focus on medications, with initial efficacy data on experimental oral antivirals expected. by the end of March.
(Reporting by Devik Jain and Shreyashi Sanyal in Bengaluru; Editing by Shounak Dasgupta)