US stocks moving higher after being flat early in aftermarket session
Earning season kicks into high gear Tuesday with Procter & Gamble and Johnson & Johnson releasing quarterly earning figures
U.S. equity futures are moving higher, but continue to search for direction ahead of the Tuesday session on Wall Street.
Stocks In This Article:
Third-quarter earnings season kicks into high gear on Tuesday with three Dow members – health care giants Procter & Gamble and Johnson & Johnson, and property and casualty insurer Travelers – all set to report ahead of the opening bell. Meantime, video streaming pioneer Netflix will get all the attention in the afternoon when it becomes the first of the big-cap consumer/tech titans to post 3Q results.
Companies are warning that supply disruptions stemming from the pandemic are hampering production and could hurt them financially.
SOME DEMS URGE NANCY TO PUMP THE BRAKES ON TAX PLAN
Investors worry that is fueling inflation and might slow an economic recovery.
"The inflation pressures we expected are here — and are persistent," researchers at the BlackRock Investment Institute said in a report.
U.S. equity futures are moving higher, but continue to search for direction ahead of the Tuesday session on Wall Street. (Photo by Wang Ying/Xinhua via Getty) (Xinhua/Wang Ying via Getty Images)
On Wall Street, the S&P 500 rose to 4,486.46. The index gained 1.8% last week.
The Dow Jones Industrial Average fell 36.15 points, or 0.1%, to 35,258.61. The Nasdaq rose 124.47, or 0.8%, 15,021.81.
Chipmaker Nvidia rose 1.6% and Target rose 3.2%.
Those gains were tempered by losses for health care and other companies. Medical device vendor Medtronic fell 5.5%.
The S&P 500 is within roughly 1.1% of its Sept. 2 all-time high.
Also Tuesday, the Commerce Department was due to report on September housing starts.
CHICK-FIL-A UNDER FIRE FOR SECRET MARK UPS
On Monday, Toyota Motor Co. rose 1.3% after announcing plans to build a $1.3 billion factory in the United States to make batteries for electric and gas-electric hybrid vehicles. TV station owner Sinclair Broadcasting fell 2.9% after reporting a data breach.
Also Monday, Federal Reserve on Monday reported an unexpectedly big 1.3% drop in U.S. industrial production. Nearly half of that was blamed on lingering effects of Hurricane Ida.
Meanwhile, Asian stock markets followed Wall Street higher as investors waited for U.S. corporate results Tuesday to see how companies are coping with supply disruptions and the past quarter's surge in coronavirus infections.
Shanghai, Tokyo, Hong Kong and Sydney advanced.
Wall Street's benchmark S&P 500 index rose 0.3%, propelled by tech and consumer stocks.
"It was a good day to be a mega-cap tech stock," said Edward Moya of Oanda in a report.
The Shanghai Composite Index rose 0.7% to 3,593.23 and the Nikkei 225 in Tokyo advanced 0.6% to 29,198.90. The Hang Seng in Hong Kong added 1.2% to 25,708.52.
The Kospi in Seoul was 0.6% higher at 3,027.15 and Sydney's S&P-ASX 200 gained 0.1% to 7,386.60.
CLICK HERE TO READ MORE ON FOX BUSINESS
India's Sensex opened 0.2% higher at 61,894.25. New Zealand and Singapore advanced while Bangkok and Jakarta declined.
In energy markets, benchmark U.S. crude gained 18 cents to $81.87 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, used to price international oils, rose 10 cents to $84.43 per barrel in London.
The dollar fell to 114.19 yen from Monday's 114.26 yen. The euro rose to $1.1649 from $1.1610.