Futures Pointing To Extended Rebound On Wall Street
April 23 2024 - 9:11AM
IH Market News
The major U.S. index futures are currently pointing to higher
open on Tuesday, with stocks likely to extend the rebound seen in
the previous session.
Traders may continue to look to pick up stocks at relatively
reduced levels amid a positive reaction to some of the latest
corporate earnings news.
Shares of General Motors (NYSE:GM) are moving sharply higher in
pre-market trading after the auto giant reported first quarter
results that exceeded analyst estimates on both the top and bottom
lines.
Snack and beverage giant PepsiCo (NASDAQ:PEP) is also likely to
see initial strength after reporting better than expected first
quarter results.
On the other hand, shares of JetBlue (NASDAQ:JBLU) are seeing
substantial pre-market weakness after the airline reported a
narrower than expected first quarter loss but lowered its 2024
revenue forecast.
Delivery giant UPS (NYSE:UPS) may also move to the downside
after reporting first quarter earnings that beat analyst estimates
but weaker than expected sales.
U.S. stocks climbed higher on Monday, with those from the
technology sector turning in a fine performance, as traders
indulged in some bargain hunting after recent losses. Easing
worries about Middle East tensions helped underpin sentiment.
The major averages all closed on a firm note. The Dow ended with
a gain of 253.78 points or 0.7 percent at 38,239.98, more than 200
points off the day’s high of 38,447.16.
The S&P 500, which climbed to a high of 5,038.84, settled at
5,010.60, gaining 43.37 points or 0.9 percent, while the Nasdaq
ended higher by 169.30 points or 1.1 percent at 15,451.31, off the
day’s high of 15,539.00.
The market gained amid slightly easing fears of a wider Middle
East conflict after Iran and Israel completed ‘measured’
counterattacks that were calibrated to avoid any casualties. A bit
of bargain hunting is contributing as well to the market’s
rise.
Investors awaited a slew of key U.S. economic data this week,
including reports on new home sales, durable goods orders and
personal income and spending.
The Commerce Department’s personal income and spending report
includes readings on inflation said to be preferred by the Federal
Reserve.
Earnings season also starts to pick up steam this week, with
Tesla (NASDAQ:TSLA), Boeing (NYSE:BA), IBM (NYSE:IBM), Caterpillar
(NYSE:CAT), Honeywell (NASDAQ:HON), Alphabet (NASDAQ:GOOGL), Intel
(NASDAQ:INTC), Microsoft (NASDAQ:MSFT), Chevron (NYSE:CVX) and
Exxon Mobil (NYSE:XOM) among the companies due to report their
quarterly results.
Goldman Sachs and JPMorgan Chase climbed 3.3% percent and about
2%, respectively. Procter & Gamble gained 1.5 percent.
Amazon, McDonald, Chevron, Amgen and Walmart gained 1 to 1.5
percent.
Salesforce.com shares gained more than 1 percent after the
company backed away from its talks to acquire data-management
software firm Informatica.
Ford Motor rallied more than 6 percent. United Airlines Holdings
gained about 5 percent. Nvidia climbed 4.35 percent. Citigroup,
Delta Airlines, Seagate Technology, Moderna and American Airlines
also ended sharply higher.
Verizon ended 4.7 percent down. The company, which announced
weak profit and slightly higher revenues in its first quarter,
maintained its fiscal 2024 earnings outlook. For 2024, Verizon
continues to expect adjusted earnings per share of $4.50 to
$4.70.
Tesla drifted down 3.4 percent, on concerns over gross margins
after the company lowered prices in several markets.
JetBlue Airways (NASDAQ:JBLU)
Historical Stock Chart
From Aug 2024 to Sep 2024
JetBlue Airways (NASDAQ:JBLU)
Historical Stock Chart
From Sep 2023 to Sep 2024