Share Prices & Company Research

Market News

02 Feb 2021 | 11:16

US pre-open: Futures point to early gains as earnings remain in focus

(Sharecast News) - Wall Street futures were in the green ahead of the bell on Tuesday, extending yesterday's strong rally. As of 1255 GMT, Dow Jones futures were up 0.78%, while S&P 500 and Nasdaq-100 futures had the indices opening 0.82% and 0.81% firmer, respectively.

The Dow closed 229.29 points higher on Monday as concerns regarding a recent sleight of speculative retail trading subsided and shares in vide game retailer GameStop slid 30%.

Corporate earnings will again be in focus on Tuesday, with the likes of Amazon and Alphabet set to report after the close.

Before the open, however, Pfizer was in the red after falling short of profit expectations, while ExxonMobil topped fourth-quarter earnings per share estimated but fell short on revenues.

Stimulus negotiations in Washington were also in focus after congressional Republicans made a counteroffer to Joe Biden's $1.9trn stimulus plan on Sunday. Biden met with the GOP lawmakers on Monday after congressional Democrats looked on track to pass a reconciliation bill despite not having bipartisan support.

SpreadEx's Connor Campbell said: "Eyes are still on Biden's $1.9trn stimulus package, especially after the lowball, $600.0bn offer made by Republicans over the weekend. It's the new President's first real test - does he want to be seen as reaching across the aisle, or does he actually want to get things done? The markets will be hoping for the latter.

"It does seem that investors have very quickly set aside the fears that tanked January's gains during the final sessions of the month. This despite a lack of material change in three of the key areas - Covid-19, the progress of the US stimulus package, Reddit-led volatility - that caused such conniptions last week. That's a potential danger as the month progresses, though a swift and decisive move on the Covid-19 relief bill would keep any other fears at bay."

On the macro front, the Institute for Supply Management's January New York Index will be published at 1445 GMT.

Federal Reserve presidents Loretta Mester and John Williams will both deliver comments at 1900 GMT.
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 30th April 2021
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.