NY stocks are expected to move higher from the previous session’s levels. The Dow rose on strong 3M results and an upgraded outlook, while the S&P 500 advanced for a second straight day and the Nasdaq edged lower. Earnings announcements from major companies are expected to come in succession tonight.
In the previous session, the NY stock market opened higher, with the Dow rebounding as strong 3M results were viewed positively. Falling crude oil prices and a decline in the 10-year U.S. Treasury yield also provided support, and the Dow finished up $529.85, or 1.02%, at +1.02%. Meanwhile, the Nasdaq Composite edged down 0.02%.
The market is expected to remain firm tonight as earnings announcements from major companies gather pace, with U.S. stock futures trading higher. Investor sentiment has improved against the backdrop of a rise in SpaceX’s share price, and attention is focused on earnings from Meta Platforms, Tesla, IBM and Lam Research.
While concerns remain about overheating in AI-related investment, there has also been some buying back, and the focus will be on whether the expansion of AI investment continues. Depending on the performance of companies due to report earnings, movements in long-term interest rates could also support the market.
Tonight’s economic indicators and events include the MBA Mortgage Applications Index, the EIA weekly crude oil inventories report and a 20-year Treasury auction.