Stocks were set to build on yesterday's all-time high this
morning as investors take in corporate earnings and look forward to
) latest results.
Apple will post earnings after the bell today. Analysts are looking
for a profit of $7.03 per share for the past quarter, down from
$9.32 per share a year ago. Revenue is projected to be flat.
Apple's competitors and proxies on the supply chain have been
somewhat soft in the past quarter.
) declined by 3.4% after reporting smaller-than-expected growth in
subscribers. The streaming service added 630,000 new subscribers,
missing estimates by 70,000. Wall Street analysts thought that the
new season of
might spark subscriptions. Earnings per share were $0.49, beating
expectations of $0.49.
Global economic bellwether
) saw profit fall in the last quarter. Earnings per share fell to
$1.13 from $1.15 a year ago, meeting expectations. The shipping
company expects profit to grow in the second half.
E.I. DuPont de Nemours
(INDEXDJX:.DJI) component, reported $1.28 per share of profit, down
from $1.50 a year ago. The chemical company still beat expectations
by a penny.
Before the opening bell, stocks are higher amidst the corporate
earnings reports. Dow futures are up 0.27% to 15,533 while futures
contracts on the
(INDEXSP:.INX) rose 0.20% to 1,693.70, and
(INDEXNASDAQ:.IXIC) futures climbed 0.25% to 3,055.00. The only
major datapoint on today's economic calendar is the Federal Housing
Finance Agency's home price index for May, which is likely to show
a 0.8% increase in prices.
Asia ended Tuesday higher. Chinese Premier Li Keqiang reassured
business leaders that the lowest growth the government projects is
7%. In the second quarter, growth slowed to 7.5%. Li's optimism
Shanghai CSI 300 Index
(SHA:000 300) rise 2.89%, a six-week high. Japan's Cabinet Office
also upgraded its economic outlook and said that deflation is
European shares were also higher due to sunny forecasts from
governments. French finance minister Pierre Moscovici told the
media that the country's recession is already over. He cited
estimates from the Bank of France and an upbeat report on
industrial morale from INSEE to claim that French GDP would rise
0.2% in the second quarter after declining by as much in the first.
The Bank of Spain also said that its recession was less severe in
the quarter ending in June. Spain contracted 0.1% after declining
0.5% in the first three months of the year.