Stock market news live updates: Stock futures jump, crude oil dips below $12 per barrel - Yahoo Money

Stocks pointed to a second straight day of gains Tuesday after a rally the prior day sent the S&P 500 and Nasdaq to their highest levels since early March.

une contracts for West Texas intermediate crude oil extended declines, after a host of funds including the United States Oil Fund said they would be rolling their front contracts into the later contracts to try and avoid the risk of the most actively traded futures turning negative. June futures traded lower by 9% to below $12 per barrel.

Meanwhile, positive updates on an easing of the coronavirus outbreak in global hot spots extended into this week. Italy reported daily new cases rose by 1,739, or the lowest since March 10, from 2,324 on Sunday. And in New York state, the daily death toll dropped to 337 from 367 the prior day, and hospitalizations were virtually flat. A day earlier, New York Governor Andrew Cuomo discussed restarting construction and manufacturing in areas of the state less hard-hit by the pandemic after May 15.

Market participants will be looking to economic data Tuesday including the Conference Board’s April consumer confidence index to gauge the recent economic damage induced by the pandemic. Still, many analysts noted that the latest economic data is taking a back seat to hopes that the stream of states eyeing May business reopenings will succeed in getting their local economies back on their feet, creating a blueprint for a broader economic jump-start.

Policymakers’ aggressive response to supporting the virus-stricken economy has also helped support equities. On Monday, the Small Business Association resumed taking applications for its multi-billion-dollar aid program, which was replenished with funds authorized by Congress last week. Meanwhile, the Federal Reserve broadened the scope of its Municipal Liquidity Facility to provide counties and cities with smaller populations with short-term credit.

“Certainly, the massive fiscal and monetary response to the dead stop of the economy accounts for much of that moderation,” David Joy, Ameriprise chief market strategist, wrote in a note Monday. “But, investors also now well understand that for the next few months economic data is going to be exceptionally weak, and they’re taking it in stride.”

Investors have also mostly looked through dismal first-quarter corporate earnings results, with the coronavirus pandemic now reasonably understood to have dented corporations across industries. Shares of Adidas (ADS.DE), one of the companies that reported results on Monday, closed higher even after reporting a 96% drop in first-quarter net profit and forecasting a 40% drop in sales for the current quarter. Key earnings results set for release Tuesday include Google-parent company Alphabet (GOOG, GOOGL), PepsiCo (PEP), Caterpillar (CAT), Southwest Airlines (LUV) and Starbucks (SBUX).

—

7:24 a.m. ET: Caterpillar posts 21% first-quarter revenue drop as virus impacts machinery demand

Caterpillar (CAT) posted first-quarter revenue of $10.64 billion, representing a drop of 21% over last year, but a result that still topped consensus analyst expectations. Adjusted earnings per share of $1.60 were 9 cents short of estimates.

Caterpillar said its top-line drop was driven by lower sales volume and “lower end-user demand and the impact from changes in dealer inventories.” Dealers increased their inventories by about $100 million in the first three months of the year, or 92% less than the same period last year, Caterpillar said.

Caterpillar said its financial results will be impacted by the coronavirus for the remainder of the year, and declined to provide a full-year outlook.

Many of Caterpillar’s business operations have continued even amid widespread social distancing measures, with many governments having classified the company’s work as essential. Caterpillar said about 75% of its primary production facilities were operating as of mid-April.

—

7:10 a.m. ET Tuesday: Stock futures jump

Here were the main moves in markets, as of 7:10 a.m. ET Tuesday:

• S&P 500 futures (ES=F): up 31 points, or 1.08%, to 2,900.00

• Dow futures (YM=F): up 303 points, or 1.26%, to 24,302.00

• Nasdaq futures (NQ=F): up 93 points, or 1.05%, to 8,917.25

• Crude (CL=F): -$1.17 (-9.15%) to $11.61 a barrel

• Gold (GC=F): -$1.50 (-0.09%) to $1,722.30 per ounce

• 10-year Treasury (^TNX): +0.6 bps to yield 0.66%

—

6:05 p.m. ET Monday: Stock futures little changed as overnight session kicks off

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:05 p.m. ET:

• S&P 500 futures (ES=F): down 3.5 points, or 0.12%, to 2,865.5

• Dow futures (YM=F): down 13 points, or 0.05%, to 23,986.00

• Nasdaq futures (NQ=F): down 13.5 points, or 0.15%, to 8,810.75

Financial District Center, New York City, USA

—

Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and reddit.

Find live stock market quotes and the latest business and finance news

For tutorials and information on investing and trading stocks, check out Cashay

Let's block ads! (Why?)

"Market" - Google News
April 28, 2020 at 06:36PM
https://ift.tt/3cMIJUK

Stock market news live updates: Stock futures jump, crude oil dips below $12 per barrel - Yahoo Money
"Market" - Google News
https://ift.tt/2Yge9gs
Shoes Man Tutorial
Pos News Update
Meme Update
Korean Entertainment News
Japan News Update