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U.S. stock futures were unsettled Tuesday, as investors awaited to see if a raft of corporate earnings results will help markets break out of a recent rut.
What’s happening
-
After an early rise, futures on the Dow Jones Industrial Average
YM00,
-0.20%
fell 45 points, or 0.1%, to 34628 -
Futures on the S&P 500
ES00,
-0.30%
dropped 10 points, or 0.2%, to 4377 -
Futures on the Nasdaq 100
NQ00,
-0.47%
fell 61 points, or 0.4%, to 13847
On a quiet Monday with several international markets shut, the Dow Jones Industrial Average
DJIA,
fell 40 points, or 0.11%, to 34412, the S&P 500
SPX,
declined 1 point, or 0.02%, to 4392, and the Nasdaq Composite
COMP,
dropped 19 points, or 0.14%, to 13332.
The S&P 500 has dropped for seven of the last nine sessions.
What’s driving markets
This week will see a number of companies reporting, after a raft of banks posted somewhat disappointing results to kick off first quarter earnings season. Johnson & Johnson
JNJ,
headlines the companies reporting ahead of Tuesday’s open, and IBM
IBM,
and Netflix
NFLX,
report after the close.
Netflix shares have been hammered this year, skidding 44%, on investor concern about their subscription numbers.
The average implied earnings move for S&P 500 companies based on options prices is plus or minus 4%, according to strategists at UBS. That’s a bit lower than the fourth quarter of 2021, but above the 10-year average, the strategists said.
The U.S. economics calendar including housing starts and a speech by Chicago President Charles Evans. The International Monetary Fund is due to release its world economic outlook, a day after the World Bank slashed its global growth forecast.
The airlines sector will be in the spotlight as well after a federal judge halted the mask mandate on planes, a move that the industry championed.
