Stocks are likely to move to the upside in early trading on Tuesday, regaining ground following the sell-off seen in the previous session. The major index futures are currently pointing to a notably higher open for the markets, with the S&P 500 futures up by 0.9 percent.
Traders may look to pick up stocks at reduced levels following the steep drop seen on Monday, which came amid lingering trade war concerns and President Donald Trump’s continued attacks on Federal Reserve Chair Jerome Powell.
The markets may also benefit from a positive reaction to some of the latest earnings news, with shares of 3M (MMM) surging by 5.3 percent in pre-market trading after the manufacturing conglomerate reported better than expected first quarter results.
Aircraft engine supplier GE Aerospace (GE) is also jumping by 4.5 percent in pre-market trading after reporting first quarter earnings that exceeded analyst estimates.
Defense contractor Lockheed Martin (LMT) may also see initial strength after reporting first quarter results that exceeded expectations on both the top and bottom lines.
On the other hand, shares of Verizon (VZ) are slumping by 5.3 percent in pre-market trading after the telecom giant reported better than expected first quarter earnings but lost more postpaid phone subscribers than expected.
Electric vehicle maker Tesla (TSLA) is among the companies due to report their quarterly results after the close of today’s trading.
After turning in a lackluster performance to close out the previous week, stocks showed a substantial move to the downside during trading on Monday. The major averages all moved sharply lower, with the Dow adding to the steep loss posted last Thursday.
The major averages climbed off their worst levels going into the end of the day but remained firmly negative. The Nasdaq plunged 415.55 points or 2.6 percent to 15,870.90, the Dow tumbled 971.82 points or 2.5 percent to 38,170.41 and the S&P 500 slumped 124.50 points or 2.4 percent to 5,158.20.
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Tuesday. Japan’s Nikkei 225 Index dipped by 0.2 percent, while China’s Shanghai Composite Index rose by 0.3 percent.
The major European markets have also turned mixed on the day. While the U.K.’s FTSE 100 Index is up by 0.2 percent, the French CAC 40 Index is down by 0.4 percent and the German DAX Index is down by 0.5 percent.
In commodities trading, crude oil futures are climbing $0.82 to $63.90 a barrel after tumbling $1.60 to $63.08 a barrel on Monday. Meanwhile, after soaring $96.90 to $3,425.30 an ounce in the previous session, gold futures are jumping $38.90 to $3,464.20 an ounce.
On the currency front, the U.S. dollar is trading at 140.44 yen compared to the 140.86 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1474 compared to yesterday’s $1.1515.
Business News
U.S. Stocks May Regain Ground Following Yesterday’s Sell-Off
2025-04-22 12:52:23
