Stock futures are flat after S&P 500, Nasdaq Composite see fifth straight day of gains

Stock futures are flat after S&P 500, Nasdaq Composite see fifth straight day of gains

U.S. inventory index futures had been flat throughout in a single day buying and selling on Tuesday, after the S&P 500 posted its fifth straight profitable session as robust earnings numbers carry sentiment.

Futures contracts tied to the Dow Jones Industrial Common gained 19 factors. S&P 500 futures had been up 0.07%, whereas Nasdaq 100 futures had been flat.

The Dow superior practically 200 factors, or 0.56%, on Tuesday for its third optimistic session within the final 4 days. Johnson & Johnson had probably the most optimistic impression on the 30-stock benchmark, whereas Procter & Gamble was the biggest drag.

The S&P 500 added 0.74%, whereas the Nasdaq Composite superior 0.71%. Each noticed their fifth straight day of gains, the longest each day profitable streak since late August.

Netflix posted its hotly-anticipated third-quarter earnings report on Tuesday after the market closed, with the streaming large including 4.4 million subscribers through the interval. Wall Road analysts had been anticipating 3.84 additions, based on estimates from StreetAccount. The inventory initially ticked increased on the outcomes, earlier than giving again these gains and dipping into the purple throughout prolonged buying and selling.

United Airways additionally posted quarterly outcomes after the bell on Tuesday, with the corporate beating analyst expectations on the highest and backside line amid an ongoing rebound in journey demand.

Thus far traders have largely cheered outcomes from the batch of third-quarter earnings which have hit the market for the reason that banks kicked issues off final week. Of the S&P 500 parts which have reported so far, 82% have topped expectations, based on FactSet.

Nonetheless, Jeff Buchbinder, fairness strategist for LPL Monetary, mentioned traders should not count on the beats that firms posted as they emerged from the depths of the pandemic.

“We have used most of the superlatives we know to describe corporate America’s stunning performances over the past two earnings seasons,” he mentioned. “We expect solid earnings gains during the upcoming third-quarter earnings season, but upside surprises will be smaller. Unfortunately, we won’t need as many superlatives.”

Greater than 70 S&P 500 parts report earnings this week. On Wednesday Verizon, Biogen and Canadian Pacific Railway are on deck earlier than the opening bell. IBM, Tesla, CSX and Las Vegas Sands are among the many names set to report after the market closes.

Elsewhere available in the market, bitcoin was in concentrate on Tuesday because the cryptocurrency inched nearer to its all-time excessive. The primary bitcoin-linked ETF — the ProShares Bitcoin Technique ETF — started buying and selling on Tuesday, pushing the cryptocurrency to a session excessive of $64,350, based on date from Coin Metrics, simply shy of its April 14 document of $64,899.

With shares’ Tuesday advance, the most important averages are approaching their all-time highs. The Dow is 0.49% beneath its document, whereas the S&P and Nasdaq Composite sit 0.58% and 1.78% beneath their highwater marks.

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