US stock market opened higher today as seen from major index futures after strong earnings from McDonald’s (MCD). Also, the dollar advanced against most major currencies. In the bond market, yields declined during the morning trade as inflation data put pressure on Federal Reserve to shift from three hikes to a more aggressive four.
The S&P 500 index rose 0.22% to 2,675.97, Dow 30 advanced 0.42% to 24,414.47 and Nasdaq gained 0.30% to 7,141.55. Elsewhere, shares at Asian markets ended higher on Monday, and European stocks are trading higher.
On April 27, US ended mixed, with Dow down 0.1% to 24,311.19. Nasdaq improved less than a tenth of a percent to 7,119.80, and the S&P 500 gained 0.1% to 2,669.91.
On the economic front, investors remained positive after the Commerce Department’s personal income report that rose in March. Personal income rose 0.3% in March, unchanged from the revised number in February.
Another Commerce Department report stated that personal spending rose 0.4% in March, after remaining unchanged in the previous month. An MNI Indicators report showed that Chicago-area business activity rose to 57.9 in April from 57.4 in March.
A National Association of Realtors report revealed that pending home sales moved up 0.4% to 107.6 in March from a downwardly revised 107.2 in February. PCE inflation, the Fed’s preferred inflation gauge, rose to 2% on year in March from a 1.7% pace in February, and Core PCE inflation climbed to 1.9%.
McDonald’s Corp. (MCD) stock grew 4.90% after better-than-expected first-quarter results.
On the earnings front, Allergan plc (AGN) stock fell 1.74% after guiding loss for the second-quarter. McDonald’s Corp. (MCD) stock grew 4.90% after better-than-expected first-quarter results. Loews Corp. (L) stock rose 1.41% after first-quarter earnings topped analysts’ expectations. Cooper Tire & Rubber (CTB) stock plunged 13.70% after disappointing first-quarter results. Diamond Offshore Drilling (DO) moved down 0.81% after a dip in first-quarter revenue. AK Steel Holding Corp. (AKS) stock fell 6.11% after a decline in first-quarter earnings.
Earnings to be published today after market include: Cognex Corp. (CGNX), Regency Centers Corp. (REG), NutriSystem Inc. (NTRI), Integrated Device Technology (IDTI), SBA Communications (SBAC), PerkinElmer (PKI), Akamai Technologies (AKAM), Neurocrine Biosciences (NBIX), Vornado Realty Trust (VNO), J&J Snack Foods (JJSF), Quaker Chemical (KWR), and Transocean (RIG).
Crude oil future is up 0.04% to $68.13. Gold is trading down 0.66% to $1,314.60, and silver is down 0.86% to $16.35. On the currency front, the US dollar is trading up 0.36% at 109.426 yen. Against the euro, the dollar is down 0.37% to $1.2079. Against the pound, the dollar is down 0.02% to $1.3772.
Broadcom Limited (NASDAQ: AVGO) reported first quarter 2021 earnings results today. Total revenue increased 14% year-over-year to $6.65 billion. GAAP net income was $1.3 billion, or $3.05 per share, compared
Retail giant Costco Wholesale Corporation (NASDAQ: COST) reported higher earnings and revenues for the second quarter of 2021. Earnings missed analysts’ expectations, while sales beat. Net profit was $951 million
With the corporate world rapidly shifting to cloud-native computing after the virus outbreak changed work culture and the way businesses operate, technology providers are aggressively innovating their offerings. Hewlett Packard