Markets

Wall Street Likely To Open Higher

(RTTNews) - Higher index futures point to a positive start for U.S. stocks on Tuesday. The progress on stimulus talks, data on building permits, earnings and other corporate news are likely to set the trend for the market over the course of the day's session.

Procter & Gamble Co. (PG) reported a 19 percent increase in profit for the first quarter of fiscal 2021 from last year. Revenue rose 8.5 percent to $19.32 billion in the latest quarter from $17.80 billion last year.

The Travelers Companies, Inc. (TRV) reported third quarter core income per share of $3.12, compared to $1.43, prior year.

International Business Machines Corp. (IBM) reported third-quarter profit of $1.70 billion or $1.89 per share, up from $1.67 billion or $1.87 per share last year. That was in line with expectations. IBM's adjusted earnings were $2.58 per share for the period, down from $2.68 per share last year.

Stocks pulled back on Monday after showing a lack of direction early on in the session, and the major averages all ended with sharp losses. The weakness in the market was due concerns about whether lawmakers in Washington will reach an agreement on a new stimulus bill.

The Dow tumbled 410.89 points or 1.4 percent to 28,195.42, the Nasdaq plunged 192.67 points or 1.7 percent to 11,478.88 and the S&P 500 slumped 56.89 points or 1.6 percent to 3,426.92.

European stocks are turning in a mixed performance today amid continued worries over the spread of new coronavirus cases. Investors are also tracking the developments on the U.S. stimulus front.

According to reports, U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin "continued to narrow their differences" on the virus relief package.

Asian stocks ended mixed on Tuesday as Europe reported record daily coronavirus infections and investors waited for fresh news on U.S. fiscal stimulus ahead of the deadline to reach an agreement.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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