Rising stock futures before bank earnings

Rising stock futures before bank earnings

On Tuesday, the U.S. government reported consumer prices increased by a stronger-than-expected 0.6% in March, the fastest rate since 2012. CONSUMER PRICES POST BIGGEST MONTHLY INCREASE SINCE AUGUST 2012 In Asia, Japan’s Nikkei 225 shed 0.4%, the Hang Seng in Hong Kong advanced 1.3% and China’s Shanghai Composite Index gained 0.6%.

First quarter earnings season begins Wednesday morning with a trio of banks – Dow members JPMorgan Chase and Goldman Sachs, and financial services giant Wells Fargo reporting results. GET FOX BUSINESS ON THE GO BY CLICKING HERE

On the economic calendar will be another inflation-related report in the form of import and export prices for March. Prices of imported goods likely jumped 1% last month, down from February’s 1.3% rise. Export prices, meantime, are also expected to jump 1%, down from a 1.6% increase the previous month. The major futures indexes suggest minor moves when the Wednesday session begins.

Apple rose 2.4% and Microsoft gained 1%. Technology stocks have been boosted by expectations Americans will shift even more to online buying and entertainment following the pandemic. Johnson & Johnson fell 1.3%. Moderna, which also makes a COVID-19 vaccine, climbed 7.4%. The Dow Jones Industrial Average fell 0.2% to 33,677.27. The Nasdaq, which has more technology stocks, gained 1.1% to 13,996.10.

Ticker Security Last Change Change % I:DJI DOW JONES AVERAGES 33677.27 -68.13 -0.20%SP500 S&P 500 4141.59 +13.60 +0.33% Wall Street’s benchmark S&P 500 index closed 0.3% higher in choppy trading. Tech and consumer stocks gained on optimism the vaccine rollout will allow business activity to return to normal. Johnson & Johnson declined after U.S. regulators suspended use of its single-dose vaccine to investigate possibly dangerous blood clots.

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