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- U.S. index futures hold steady after fresh record for S&P 500
U.S. index futures hold steady after fresh record for S&P 500
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Loading...U.S. stock index futures were little changed, with the S&P 500 Index at a record, before earnings reports from retailers including Staples Inc. and Home Depot Inc.
Contracts on the S&P 500 Index expiring in June fell less than 0.1 percent to 2,398 at 5:55 a.m. in New York, after the
equity benchmark closed above 2,400 for the first time yesterday. The dollar weakened for a fifth session on Tuesday
after a report U.S. President Donald Trump revealed classified information to Russia’s top diplomat. Futures on the Dow Jones Industrial Average climbed less than 0.1 percent to 20,934.
Wal-Mart Stores Inc. and Target Corp. are among U.S. firms reporting results this week.
More than 90 percent of S&P 500 companies have reported earnings already this season. Of those, 78 percent exceeded
profit projections and 64 percent topped sales estimates, data compiled by Bloomberg show.
Investors are also awaiting data on industrial production and housing starts due later today. Stocks fell last week after retail sales and inflation reports signaled tepid economic growth.
While some have cited U.S. stocks’ lofty valuations as a reason for caution, NN Investment Partners says global equity
valuations are not overstretched. “Valuations are high but not stretched and should not be used as an argument to become
bearish,” principal strategist Patrick Moonen wrote in a note.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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