Stocks Spark on Better-than-Expected Earnings - InvestingChannel

Stocks Spark on Better-than-Expected Earnings

Stock futures rose Tuesday morning, boosted by an important round of first-quarter earnings results that topped Wall Street expectations and suggested many companies are faring better than feared despite a tough economic backdrop.

Futures for the Dow Jones Industrials advanced 37 points, or 0.1%, at 34,166.

Futures for the S&P 500 grabbed 17 points, or 0.4%, to 4,193.75.

Futures for the NASDAQ Composite recovered 92 points, or 0.7%, to 13,278.50.

The moves came after the major averages gained to kick off a stacked week of corporate earnings.

Bank of America added about 2% before the bell after surpassing first-quarter expectations on the top and bottom lines as rates rose. Johnson & Johnson’s results beat estimates and the drugmaker raised its 2023 guidance, lifting the Dow member 1% in premarket trading.

Some of Tuesday’s bullish sentiment was dented after Goldman Sachs reported lighter-than-expected first-quarter revenue, dragged down by a $470 million hit from its Marcus loans. Shares slumped more than 3% premarket.

On the economic front, traders are watching for the latest housing starts and building permits data. March housing starts are expected to fall 3.4% to 1.40 million units, according to consensus estimates from Dow Jones.

March building permits data is forecasted to drop 4.9% to 1.45 million units, according to economists polled by Dow Jones.

In Japan, the Nikkei 225 gained 0.5% Tuesday, while in Hong Kong, the Hang Seng fell 0.6%.

Oil prices skidded 39 cents to $80.44 U.S. a barrel.

Gold prices jumped $9.60 to $2,016.80 U.S. an ounce.

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