Tuesday, May 21, 2024
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As Wall Street Prepares for a Hectic Results Week, Stock Futures Decline

As the third-quarter results season picks up steam, U.S. stock futures were little down on Tuesday.

37 points, or 0.1%, were lost by futures linked to the Dow Jones Industrial Average. Both the S&P 500 and Nasdaq 100 futures experienced a 0.1% decline.

This week, more than 50 S&P 500 businesses are expected to report. Tuesday morning’s important reports came from Johnson & Johnson, Bank of America, Goldman Sachs, and Lockheed Martin.

Small caps ought to take the lead if the economy is going to pick up speed again, which it is doing, and if profits growth is going to do the same. The evidence from history supports that, said Richard Bernstein, CEO of Richard Bernstein Advisors, on Monday’s “Closing Bell: Overtime” on CNBC. “So I think there’s a small element of reason coming back to the equities market, and this market is starting to broaden out a little bit,” the author said.

Charles Schwab on Monday and JPMorgan Chase on Friday were two financial companies that had a great start to the earnings season. In light of worries about the Israel-Hamas conflict, this has helped to enhance market mood. Concerns about tensions in the Middle East escalating to some of the top oil producers, particularly Iran, have been raised by the crisis there.

Geopolitical and inflationary concerns have heightened market unease, but they are also the wall of anxiety that is driving up stock values, according to George Ball, chairman of Sanders Morris Harris.

Source (CNBC)

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