U.S. Stocks May Turn In Another Mixed Performance In Early TradingFebruary 2, 2021
After turning in a mixed performance in the previous session, stocks may continue to move in opposite directions in early trading on Tuesday. The major index futures are currently pointing to a mixed open for the markets, with the Dow futures up by 65 points but the Nasdaq futures down by 7 points.
The Dow may benefit from early strength among shares of Johnson & Johnson (JNJ) and 3M (MMM), which are moving to the upside in pre-market trading.
The gains by J&J and 3M come after the healthcare giant and diversified manufacturer both reported quarterly results that exceeded analyst estimates on both the top and bottom lines.
On the other hand, fellow Dow components American Express (AXP) and Verizon (VZ) are seeing pre-market weakness despite reporting better than expected fourth quarter earnings.
Shares of General Electric (GE) are moving sharply higher in pre-market trading after the industrial conglomerate reported a surge in fourth quarter net profits amid better than expected revenues and cash flow.
Microsoft (MSFT), Advanced Micro Devices (AMD), Capital One (COF), and Starbucks (SBUX) are among the companies releasing their quarterly results after the close of trading.
Profit taking may lead to a modest pullback by the Nasdaq after the tech-heavy index climbed to a new record closing high on Monday.
Shortly after the start of trading, the Conference Board is due to release its report on consumer confidence in the month of January. The consumer confidence index is expected to edge down to 88.5 in January from 88.6 in December.
Stocks fluctuated over the course of the trading session on Monday before eventually ending the day mixed. While the Dow closed modestly lower, the broader Nasdaq and S&P 500 reached new record closing highs.
The Dow climbed well off its worst levels of the day but still edged down 36.98 points or 0.1 percent to 30,960.00. Meanwhile, the Nasdaq climbed 92.93 points or 0.7 percent to 13,635.99 and the S&P 500 rose 13.89 points or 0.4 percent to 3,855.36.
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower during trading on Tuesday. Japan’s Nikkei 225 Index slumped by 1 percent, while Hong Kong’s Hang Seng Index plunged by 2.6 percent.
Meanwhile, the major European markets have moved to the upside on the day. While the German DAX Index has surged up by 1.9 percent, the French CAC 40 Index is up by 1.4 percent and the U.K.’s FTSE 100 Index is up by 0.8 percent.
In commodities trading, crude oil futures are rising $0.26 to $53.03 a barrel after climbing $0.50 to $52.77 a barrel on Monday. Meanwhile, after edging down $1 to $1,855.20 an ounce in the previous session, gold futures are inching up $0.50 to $1,855.70 an ounce.
On the currency front, the U.S. dollar is trading at 103.64 yen compared to the 103.75 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.2155 compared to yesterday’s $1.2139.
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