Stock market news live updates: Stock futures trade flat after indexes set record highs - Yahoo Finance

rinwengi.blogspot.com

Stock futures traded slightly higher Tuesday morning, with investors awaiting more corporate earnings results from major companies.

Contracts on the S&P 500 rose, extending gains after the blue-chip index rose to an all-time high during Monday's regular trading day. Dow and Nasdaq futures also ticked up. Shares of Tesla (TSLA) fell about 2% in early trading after the company's first-quarter sales results missed estimates, though earnings and automobile gross margins exceeded expectations.

Earnings results will pick up on Tuesday with companies including Microsoft (MSFT), Alphabet (GOOGL) and Starbucks (SBUX) poised to report results. The Big Tech names reporting Tuesday and later this week especially are set to be closely watched, with these stocks having largely underperformed against the broader market for the year-to-date as 2020's tech and growth-led rally cooled and investors turned instead to cyclical and value shares.

"Except for Google, you get the FAANG stocks, and they've been dead money for 7, 8, 9 months now," Matt Maley, managing director and chief market strategist at Miller Tabak, told Yahoo Finance on Monday. "We're seeing Facebook trying to break out, Amazon finally trying to get to the top end of its range, Netflix last week couldn't break out, so that was a disappointment. So if those things could finally pick up, that would be positive [for stocks]."

Tuesday will also mark the first of the Federal Reserve's two-day rate-setting meeting, with the event ultimately unlikely to yield any major shifts in monetary policy. Officials have telegraphed their commitment to keeping policy highly accommodative during the recovery out of the pandemic, which to date has included keeping interest rates close to zero and maintaining an aggressive asset purchase program at a monthly rate of $120 billion.

"The Fed has been very clear that this time around they're going to wait to see inflation before they reaction." Kelsey Berro, JPMorgan Asset Management Fixed Income Portfolio Manager, told Yahoo Finance. "In the past, they've relied on their forecasts, and their forecasts really haven't done a good job. Inflation has consistently missed the mark over the past couple decades. And this time around, they're doing a different approach. They're going to wait and see the data before they react."

—

7:26 a.m. ET: UPS shares jump after Q1 results easily exceed estimates, with vaccine-led recovery helping buoy international and business shipping

Shares of UPS (UPS) jumped more than 6.5% Tuesday morning after the shipping giant posted Q1 results that easily exceeded estimates, with a resurgence in international shipping volumes and extended strength in domestic parcel deliveries helping boost results.

First-quarter revenue grew 27% to $22.91 billion, coming in well above the $20.60 billion expected. U.S. package revenue jumped 22%, while international package revenue jumped 36%. Supply chain and freight revenue rose 34%, underscoring the pick-up in corporate activity as the economy broadly reopens.

“I want to thank all UPSers for delivering what matters, including COVID-19 vaccines,” UPS CEO Carol Tomé said in a press statement. “During the quarter, we continued to execute our strategy under the better not bigger framework, which enabled us to win the best opportunities in the market and drove record financial results.”

—