Stock futures dip as traders await corporate earnings
US stock futures were down as investors looked ahead to the corporate earnings reports of several large tech corporations.
Dow Jones futures fell 132 points or 0.39%. S&P 500 and Nasdaq 100 futures were down 0.46% and 0.46%, respectively.
The shares of the First Republic Bank fell by about 20%. Deposits dropped by 40% to a total of $104.52 billion in the opening quarter, however, they have since steadied. First Republic will also scale back costs, including a 20% to 25% cut in the second quarter.
During the regular session, the tech-heavy Nasdaq Composite was down 0.28%. Meanwhile, the Dow advanced 66.45 points, or 0.23%, while the S&P 500 gained 0.09%.
Fundamental steps of more cautious and defensive positioning need to be maintained.
UPS, 3M, JetBlue, and General Motors will announce quarterly earnings. Large-caps McDonald’s and PepsiCo will also report results. Investors are also watching UBS’s report, which will be its first release since its acquisition of Credit Suisse.
Alphabet and Microsoft will be key for investors as both tech giants report quarterly results.
Wall Street will get numbers on housing prices in March through new home sales numbers and data from the S&P/Case-Shiller 20-city home price index for February. Consumer confidence data for April will also be released.
European stocks were lower
European stocks were lower after the open on Tuesday, with the benchmark Stoxx 600 index retreating 0.42%.
France’s CAC 40 fell 0.72%, and the UK’s FTSE 100 was down 0.4%.
Banks were down 1.66%, while mining stocks fell 1.4%.
EU countries on Tuesday voted to adopt sweeping reforms to the EU’s carbon market as part of its key climate policy, which is expected to raise the costs of pollution in the EU in the coming years and cut CO2 emissions faster.
The vote by member states was the policy’s final approval and will now come into force.
The reforms will reduce the supply of carbon permits to the market sooner than planned, phase out free permits for the industry by 2034, and soon bring the shipping sector into the carbon market from 2024.
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