Wall Street To Open Higher Amid Earnings Rush

Wall Street To Open Higher Amid Earnings Rush

Investors are waiting for the Fed House Price Index, New Home Sales as well as Consumer Confidence Data to be released on Tuesday. The market might be reacting to earnings reports from several major companies such as Caterpillar, Jetblue, 3M, Whirlpool, Lockheed Martin, etc today.

Signs from the U.S. Futures Index suggest that Wall Street might open positive.

Asian shares reverted to finish mostly higher, while European shares are trading up.

As of 7 am ET, the Dow futures were gaining 148.00 points, the S&P 500 futures were adding 15.50 points and the Nasdaq 100 futures were up 42.00 points.

U.S. stocks closed mostly lower on Monday. The S&P 500 inched up 0.15 points or less than a tenth of a percent to 2,670.29, the Dow edged down 14.25 points or 0.1 percent to 24,448.69 and the Nasdaq fell 17.52 points or 0.3 percent to 7,128.60.

On the economic front, the Federal Housing Finance Agency’s House Price Index or HPI for February will be issued at 9.00 am ET. The consensus is for growth of 0.5 percent, slightly down from the prior month’s 0.8 percent.

U.S. Commerce Department and the U.S. Department of Housing and Urban Development’s New Home Sales for March is scheduled at 10.00 am ET. The analysts are looking for consenus of 630K, In February, the New Home Sales were 618K.

The Redbook data for the week will be issued at 8.55 am ET. In the prior week, the Store Sales were up 3.0 percent.

The S&P Corelogic Case-Shiller Home Price Income for February will be released at 9.00 am ET. The market analysts are looking for consensus of 0.7 percent growth, down from prior month’s 0.8 percent.

The Conference Board’s Consumer Confidence data for April will be published at 10.00 am ET. The consensus is for 126.1, while the index was 127.7 last month.

Two-year Treasury Note Auction will be auctioned at 1.00 pm ET.

In the corporate sector, Eli Lilly and Co. reported first quarter net income of $1.217 billion, compared to loss of $110.8 million last year. On a per share basis, earnings were $1.16, compared to loss of $0.10 a year ago. On an adjusted basis, earnings were $1.406 billion or $1.34 per share.

For the fiscal 2018, the company expects earnings per share to be in a range of $4.52 to $4.62 per share, and the company has been looking for $4.39 to $4.49 per share earlier. On an adjusted basis, earnings is expected to increase 19 to 21 percent to $5.10 to $5.20 per share, up from its prior range of $4.81 to $4.91 per share. Revenue for the period is expected to be in a range of $23.0 to $23.5 billion from its prior range of $23.7 to $24.2 billion.

Polaris Industries Inc. increased its full year sales guidance and now expects sales to be in the range of four percent to six percent over 2017 adjusted sales. The company narrowed its earnings guidance range for the full year 2018 and now expects adjusted net income to be in the range of $6.05 to $6.20 per share.

Asian stocks recovered and finished mostly higher on Tuesday.

Chinese stocks rose the most in two months. The benchmark Shanghai Composite index jumped nearly 2 percent to close at 3,128.93, while Hong Kong’s Hang Seng index was up 381.84 points or 1.26 percent to close at 30,636.24.

Japanese shares rose sharply. The Nikkei average rallied 190.08 points or 0.86 percent to 22,278.12 while the broader Topix index gained 18.96 points or 1.08 percent to finish at 1,769.75.

Australian shares rose, led by banks after data showed consumer prices stayed soft last quarter. Consumer prices in Australia were up 0.4 percent sequentially in the first quarter of 2018, the Australian Bureau of Statistics said. That was shy of expectations for 0.5 percent and down from 0.6 percent in the three months prior.

The benchmark S&P/ASX 200 index climbed 35.60 points or 0.60 percent to 5,921.60 while the broader All Ordinaries index ended down 33.40 points or 0.56 percent at 6,009.40.

European shares are trading mostly higher. Among the major indexes in the region, the CAC 40 Index of France is falling 4.65 points or 0.09 percent. The German DAX is gaining 26.70 points or 0.21 percent, the U.K. FTSE 100 Index is progressing 16.07 points or 0.22 percent. The Swiss Market Index is down 0.43 points or 0.00 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 0.02 percent.

by RTTNews Staff Writer

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