S&P, Dow Futures Hit Record Highs as Investors Eye Tech Earnings

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The S&P 500 and Dow futures deed grounds highs connected Tuesday arsenic Facebook roseate aft its quarterly results and a stock buyback plan, turning the spotlight connected its exertion peers acceptable to study aboriginal successful the day.

Facebook Inc. roseate 2.5 percent successful premarket trading adjacent arsenic the societal media elephantine warned that Apple Inc.’s caller privateness changes would measurement connected its integer concern successful the existent quarter. The institution announced $50 cardinal successful stock buybacks, portion posting a 17 percent emergence successful third-quarter profit.

Shares of Twitter Inc., which besides generates gross by selling integer ads, added 1.4 percent up of its results connected Tuesday.

Eyes are besides connected quarterly updates from Alphabet Inc. and Microsoft Corp. aft marketplace close, with absorption connected however Google’s advertisement gross fares. Their shares, coupled with different maturation names Amazon.com and Apple, were up betwixt 0.1 percent and 1.5 percent.

United Parcel Service Inc. gained 4.5 percent aft the transportation steadfast reported a 23 percent emergence successful quarterly profit, bolstered by precocious e-commerce demand.

Some stellar earnings reports person helped thrust the Dow and the S&P 500 to grounds highs, lifting capitalist sentiment successful October aft concerns astir inflation, the Fed’s tapering, and the China Evergrande situation rattled markets past month.

Earnings astatine S&P 500 companies are expected to turn 34.8 percent year-on-year for the 3rd quarter, with marketplace participants assessing however companies are navigating supply-chain bottlenecks, labour shortages, and inflationary pressures.

At 6:58 a.m. ET, Dow e-minis were up 129 points, oregon 0.36 percent, S&P 500 e-minis were up 18.25 points, oregon 0.4 percent, and Nasdaq 100 e-minis were up 86.5 points, oregon 0.56 percent.

On the economical information front, user assurance information for October is owed astatine 10 a.m. ET.

Gains successful economically delicate industrials Boeing Co. and Caterpillar Inc. provided the biggest boost to futures tracking the blue-chip Dow.

General Electric Co. roseate 1.6 percent aft the concern conglomerate raised its full-year net forecast, portion diversified shaper 3M Co. slipped 0.8 percent arsenic it tightened its yearly nett outlook, citing disruptions successful its proviso concatenation network.

Tesla Inc. slipped 0.3 percent, a time aft the electric-carmaker surpassed $1 trillion successful marketplace worth aft landing its biggest-ever bid from rental car institution Hertz.

Chipmakers Texas Instruments and Advanced Micro Devices, brokerage Robinhood Markets Inc. and payments institution Visa Inc. were besides slated to study results aboriginal successful the day.

By Devik Jain

Reuters

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