Stock Futures Rise as Earnings Season Ramps Up
By Caitlin Ostroff
U.S. stock futures rose as blue-chip companies reported earnings
and investors awaited economic data that would indicate the state
of consumer spending and the labor market.
Futures tied to the S&P 500 gained 0.5%. Contracts for the
Dow Jones Industrial Average added 0.5%. Futures for the
technology-heavy Nasdaq-100 were up 0.8%, indicating tech shares
may recover some ground after the index fell 1.3% Wednesday.
Investors will be watching earnings to assess whether stocks can
grind higher. Bank of America shares added 1.2% premarket after the
bank reported that its profit doubled in the first three months of
the year. UnitedHealth shares climbed 2% after the healthcare
services company posted a larger profit and stronger revenue.
BlackRock gained 1.1% after the asset manager reported that
quarterly profit rose nearly 50%.
Goldman Sachs Group and JPMorgan Chase posted record quarterly
An anticipated economic recovery has led some investors to buy
shares of companies sensitive to a rebound, such as energy, travel
and banks, which has helped send indexes to repeated record highs
"We want to see that the 2021 numbers -- even the 2022 numbers
-- are going to continue to look good," said Esty Dwek, head of
global market strategy at Natixis Investment Solutions. "We want to
see what guidance is going to be. For a lot of 2020, we had no
In premarket trading, newly listed cryptocurrency exchange
Coinbase rose 8.2%. Shares rose as high as $429.54 during the
stock's trading debut Wednesday and ended the session at
Overseas, the Stoxx Europe 600 gauge added 0.4%. Gains were led
by Bud beer maker Anheuser-Busch InBev, which gained 4.1% after
Barclays raised its price target on the stock. Shares in other
alcoholic beverage makers were also higher, including Heineken and
Johnnie Walker-maker Diageo.
The Russian ruble fell 1.4% against the dollar after The Wall
Street Journal reported that the Biden administration would
sanction Russia in response to its alleged election interference,
widespread hacking campaign and other malign activity.
Major Asian stock indexes closed after a mixed performance. The
Shanghai Composite Index declined 0.5%, and Hong Kong's Hang Seng
Index edged 0.4% lower. South Korea's Kospi added 0.4%.
U.S. retail sales -- a measure of purchases at stores, at
restaurants and online -- are out at 8:30 a.m. ET and are expected
to have surged in March. Household incomes have benefited from
recent fiscal stimulus measures that saw $1,400 checks hit some
Americans' bank accounts.
Fresh data on the number of Americans applying for first-time
unemployment benefits will also be released at 8:30 a.m. The
Federal Reserve has said that employment is one of the factors it
is watching to determine when it could eventually lift interest
In bond markets, the yield on the 10-year Treasury note ticked
down to 1.620%, from 1.637% Wednesday.
Write to Caitlin Ostroff at email@example.com
(END) Dow Jones Newswires
April 15, 2021 08:30 ET (12:30 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.