S&P 500-linked futures rose 0.8%, a day after the broad stock benchmark posted its biggest one-day improvement since November. Contracts for the Dow Jones industrial average gained 0.7% and futures for the tech-heavy Nasdaq-100 climbed 0.8%.
Stock markets have been on the move around the world this week after a choppy January, with sharp movements in some individual stocks, signs that the U.S. economy is slowing down, and concerns about vaccine transmission speed and new coronavirus changes measured on stock prices. Investor sentiment was lifted by strong earnings reports from major firms, as well as a decline in coronavirus cases in the U.S. and several other major economies.
Investors will pay quarterly earnings from Amazon.com and Alphabet after markets close. Shares of major tech companies have continued to power the broader market in 2021, pushing the Nasdaq Composite up 4% so far this year.
“The bar for technology was very high” coming into the season of employment, said Hani Redha, multi-portfolio portfolio manager at PineBridge Investments. “Overall, for the sector, we continue to see strong employment delivered. ”
Benefits for the last quarter of 2020 have been better than analysts expected. Of the 189 companies on the S&P 500 index that had reported results by the end of Monday, 81% have done so, according to FactSet.
Money prices slipped after a steep climb on Monday, when they posted their biggest one-day rise in more than a decade in the latest example of volatile market movements driven by online traders. Futures for the metal fell 5.6% to $ 27.78 ounces through Tuesday after CME Group’s Comex trading responded to volatility by raising margin requirements.
Shares of GameStop continued to decline ahead of the opening bell in New York, falling 23%. The other online trading forums, including BlackBerry and AMC Entertainment Holdings, also went back.
In the bonds market, 10-year Treasurys yields rose 1.102%, from 1.077% on Monday. The WSJ Dollar Index, which follows the U.S. currency against a basket of others, fell 0.2%.
Investors are closely following talks about another round of coronavirus relief in Washington. A group of Senate Republicans on Monday outlined their offer of about $ 618 billion, including a $ 1,000 round of direct studies for many adults. The proposal leaves out measures favored by many Democrats, such as support for state and local governments and a plan to raise the minimum wage to $ 15 an hour.
“There is still hope of reaching something bipartisan,” Mr Redha said. Passing a bill less than the $ 1.9 trillion package proposed by President Biden could be like bipartisan stocks for stocks by opening the way to more incentive spending later in his term, Mr Redha said.
U.S. stock times marked a higher opening on Wall Street on Tuesday.
Photo:
Jeenah Moon / Bloomberg News
Shares were accumulated in overseas markets. The Stoxx Europe 600 pan-continent rose 1.2%, led higher by shares in Italian and French companies as well as car and car parts manufacturers. In London, shares of the Fresnillo silver miner fell 4%.
In Asia, the BSE Sensex S&P index rose 2.3%, extending gains that began when the government announced plans to boost economic growth and health care spending on Monday. The Shanghai China Integrated Index rose 0.8% and Hong Kong’s Hang Seng climbed 1.2%.
Elsewhere in commodities, Brent-crude futures, the benchmark in international energy markets, rose 1% to $ 56.96 per barrel.
Write to Joe Wallace at [email protected]
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