U.S. stock futures on Tuesday edged back from its best levels in a month, as a slate of key earnings were set to hit.What’s happening
Futures on the Dow Jones Industrial Average
fell 177 points, or 0.6%, to 31,368.
Futures on the S&P 500
dropped 16.25 points, or 0.4%, at 3,793.
Futures on the Nasdaq-100
declined 19 points, or 0.2%, to 11,459.75.
On Monday, the Dow Jones Industrial Average
rose 417 points, or 1.3%, while the S&P 500
rose 1.2% and the Nasdaq Composite
What’s driving markets The S&P 500 has climbed four of the last six trading days and ended Monday at its highest level since Sept. 20. “The market loves symmetry and that huge selloff from the September highs will result in an equal impressive rebound,” said Jani Ziedins of the Cracked Market blog. “Sure, maybe lower prices are ahead of us over the longer term, but never forget the biggest and fastest rallies occur during bear markets, and the last time I checked, this was still a bear market.” Investors were weighing results from Coca-Cola Co.
and General Electric Co.
while earnings after the close were due from Google parent Alphabet Inc.
and Microsoft Corp.
See: Big Tech has been an earnings refuge for years, but safety is no longer a sure thing The economics calendar includes the Conference Board’s measure of consumer confidence, shortly after the market open. Strategists at Goldman Sachs noted a steepening yield curve, particularly for inflation-protected securities.
“Our market implied U.S. recession probability model also suggests investors are willing to fade recession risk over the next year, possibly helped by a better-than-expected U.S. earnings season so far. The curve steepening and a repricing of cyclicals vs. defensives has driven the implied probability lower to levels roughly in line with the 35% recession odds from our economists,” they said.Companies in focus
Coca-Cola shares rose in premarket trading Tuesday, after the beverage giant beat third-quarter profit and revenue expectations, as price increases helped offset ongoing cost inflation.
3M Co. shares fell 1.9% after the company fell short of revenue estimates and cut its 2022 profit view on economic headwinds, altho …