US equities futures recover early Tuesday from negative territory

NEW YORK – US stock futures recovered to negative territory hours after the opening bell on Tuesday after closing on Monday as a flood of corporate earnings reports would appear this week.

The S&P 500 rose 0.4% to 3,855.36 as gains for influential Big Tech stocks offset the losses for most companies. The Dow Jones industrial average fell 0.1% to 30,960.00. The Nasdaq composite, which is chock-full of technology stocks, rose 0.7% to 13,635.99 and another record.

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The Russell 2000 Index of Smaller Shares fell 0.3% to 2,163.27. Yields on the ten-year treasury fell from 1.07% late Friday to 1.03%.

In addition to Apple, more than 100 companies in the S&P 500 will tell investors this week how they fared in the last three months of 2020. These include American Express, Johnson & Johnson, 3M, AT&T and Tesla.

US stock futures market recovered from negative territory hours after trading mixed Tuesday on Tuesday as a flood of corporate earnings reports would appear this week. (Colin Ziemer / New York Stock Exchange via AP)

On the whole, analysts expect S&P 500 companies to say that their fourth-quarter profit fell 5% from a year earlier. According to FactSet, this is a slight decrease than the 9.4% they predicted earlier this month.

President Joe Biden has proposed a $ 1.9 billion plan to send $ 1,400 to most Americans and provide other support to the economy. But his party has only the slimmer possible majority in the Senate, which makes approval uncertain. Several Republicans have already opposed parts of the plan.

The coronavirus pandemic also worsens and does more damage per day. A UN agency said Monday that four times as many jobs were lost last year as in 2009 during the global financial crisis.

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The Federal Reserve begins a two-day meeting on interest rate policy on Tuesday, and the big expectation is that it should keep the accelerator at the levels of its stimulus for the economy and markets. He said he plans to keep interest rates low even as inflation rises above its 2% target.

Meanwhile, traders are overseeing rising coronavirus infections in various countries and a bumpy rollout of vaccinations in the US. The distribution of variants that are presumably more easily transmissible and that may be less effectively targeted by existing vaccines is of concern.

Vaccine maker Moderna said on Monday it was going to study whether a shotgun was needed to protect against coronavirus variants, “out of caution”.

‘The market mood these days is driven by the hope that the COVID vaccine would be the end of the biggest economic downturn in our lifetime, or that the stimulus would keep us afloat. Yesterday, both broke hope, ‘said Ipek Ozkardeskaya, a senior analyst at Swissquote Bank, in a comment.

Meanwhile, the Japanese Nikkei 225 index fell 1% to 28,546.18, while the Shanghai Composite Index fell 1.5% to 3,569.43. South Korea’s Kospi lost 2.1% to 3,140.31. Shares also fell in Southeast Asia.

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Markets in Australia and India were closed for holidays.

In the other Tuesday trading, US standard crude oil lost 37 cents to $ 52.40 a barrel of electronic trading on the New York Mercantile Exchange. It won 50 cents to $ 52.77 a barrel on Monday.

Brent crude, the international standard, shed 40 cents to $ 55.28 a barrel.

The US dollar declined from 103.76 yen late Monday to 103.74 Japanese yen. The euro fell to $ 1.2129 from $ 1.2141.