US futures are pointing to a higher open today after ending higher on Monday, as investors eased concerns on global trade fears. Meanwhile, resistance to President Donald Trump’s proposed aluminum and steel tariffs are rising, and North Korea has vowed not to use nuclear or conventional weapons against South Korea.
The S&P futures advanced 0.44% to 2,730.50, Dow futures gained 0.61% to 25,015 and Nasdaq rose 0.64% to 6,921.25. Elsewhere, shares at Asian markets closed mostly higher on Tuesday, while European stocks are trading higher.
On the European economic front, data from IHS Markit showed that Germany’s construction purchasing managers’ index fell to 52.7 in February from 59.8 in January. Federal Statistical Office data showed that Switzerland’s consumer price inflation slowed to 0.6% in February from 0.7% in January. The Hungarian Central Statistical Office data revealed that Hungary’s gross domestic product advanced an unadjusted 4.4% on year in the fourth quarter, quicker than 3.9% rise in the third quarter.
On the Asian economic front, data compiled by the ANZ bank and Roy Morgan Research showed that Australia’s consumer confidence index for the week ended March 4 rose 0.9% to 119. In addition, the Reserve Bank of Australia maintained its key interest rate at 1.50%, expecting the economy to grow faster in 2018 and CPI inflation to be a bit above 2% in 2018.
On March 5, US ended higher, with Dow up 1.4% to 24,874.76, Nasdaq advanced 1% to 7,330.70, and the S&P 500 gained 1.1% to 2,720.94. This reflected recent volatility amid potential trade war and uncertainty over interest rate hike.
The Institute for Supply Management data showed that non-manufacturing index slid to 59.5 in February from 59.9 in January, or services sector growth eased due to slowdown in employment.
Meanwhile, key economic data that will be released today include the Redbook store sales, US Department of Commerce factory orders, and net stripping of Treasury securities. New York Federal Reserve Bank President William Dudley, Federal Reserve Governor Lael Brainard, and Dallas Federal Reserve Bank President Robert Kaplan will deliver speeches today.
Ascena Retail Group stock plunged 13.22% in the premarket after weak third quarter earnings guidance.
On the corporate front, Amazon.com stock rose 0.62% in the premarket after it reportedly intends to offer grocery deliveries from Whole Foods stores in San Francisco. Ciena stock increased 2.31% in the premarket after a better-than-expected first quarter. Shares of Target fell 2.85% in the premarket after downbeat fourth quarter earnings. Ascena Retail Group stock plunged 13.22% in the premarket after weak third quarter earnings guidance.
On the earnings front, Donaldson, Target, Autodesk, Ross Stores, H&R Block, Bluegreen Vacations, Sunrun, Ciena, Cars.com, KLX, and Urban Outfitters are due to release their earnings today.
Crude oil futures is up 0.94% to $63.16. Gold is trading up 0.82% to $1,330.70 and silver is up 1.481% to $16.655. On the currency front, the US dollar is trading up 0.01% at 106.20 yen. Against the euro, the dollar is up 0.56% to $1.2403. Against the pound, the dollar is up 0.51% to $1.3915.
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