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U.S. stock futures pointed higher Tuesday, extending gains after the largest four-day stretch of gains since late July for both the S&P 500 and Nasdaq Composite.
What’s happening
-
Futures on the Dow Jones Industrial Average
YM00,
+0.47%
rose 73 points or 0.2%, to 35206 -
Futures on the S&P 500
ES00,
+0.48%
gained 13 points, or 0.3%, to 4490 -
Futures on the Nasdaq 100
NQ00,
+0.36%
rose 36 points, or 0.2%, to 15327
On Monday, the Dow Jones Industrial Average
DJIA,
fell 36 points, or 0.1%, to 35259, while the S&P 500
SPX,
increased 15 points, or 0.34%, to 4486, and the Nasdaq Composite
COMP,
gained 124 points, or 0.84%, to 15022. The S&P 500 and Nasdaq Composite have each seen their best four-day winning stretch since July 23.
What’s driving markets
The positive backdrop comes as corporate earnings have largely overshadowed worries about supply chain disruptions.
According to Bank of America, through the first week, 66% of companies have beaten on both sales and earnings per share, which is well above the historical average of 47%.
Tuesday sees results from corporate titans including Procter & Gamble
PG,
and Johnson & Johnson
JNJ,
and after the close, streaming giant Netflix
NFLX,
Markets also will be eyeing the launch of the first bitcoin exchange-traded fund, and the flattening of the yield curve, as the spread between 5-
TMUBMUSD05Y,
and 30-year
TMUBMUSD30Y,
Treasury securities was the narrowest since early 2020.
Housing starts and a gaggle of Federal Reserve officials speaking highlights the day’s economics calendar.
