US Stocks- S&P 500 to open lower as UK’s Truss resigns as PM
时间:2024-06-26 16:38:59 阅读(143)
The S&P 500 index was set to open lower on Thursday after the resignation of Liz Truss as prime minister of the UK added a layer of uncertainty to markets struggling to hold on to gains from a set of positive earnings forecasts from U.S. companies.
Truss’s economic program had sent shockwaves through global financial markets and divided her Conservative Party just six weeks after she was appointed. A leadership election will be completed within the next week.
Earlier in the session, positive forecasts from IBM Corp and AT&T Inc helped offset declines from Tesla Inc , which dropped 6.2% in premarket trading as the company flagged persistent logistics challenges, with fourth-quarter deliveries growing by less than the aimed 50%.
Also Read: Global Markets: Shares drift lower as bond yields climb and yen tumbles
IBM shares jumped 4.7%, leading the advance among Dow components after the software and IT services company beat quarterly earnings estimates on Wednesday and said it expects to exceed full-year revenue growth targets.
Fellow blue-chip stock Verizon Communications Inc shares added 0.9% after peer wireless carrier AT&T added 3.7% upon raising its annual profit forecast.
The positive updates from companies come after upbeat results from big U.S. banks, Netflix Inc, Procter & Gamble Co and Travelers Companies Inc prompted analysts to raise third-quarter profit growth expectations for S&P 500 companies to 3% from 2.8%, according to Refinitiv data.
However, the estimate is still sharply lower than an 11.1% increase that was forecast at the start of July.
“With the small set of companies that have reported earnings so far, we’re seeing majority of them beat profit estimates and I would very much put that in the ‘better-than-feared’ category,” said Art Hogan, chief market strategist at B. Riley Wealth in New York.
The main U.S. indexes have been hammered by fears of aggressive interest rate hikes by the Federal Reserve in recent months, with Treasury yields climbing to multi-year highs amid no real signs of U.S. inflation slowing.
The U.S. central bank is expected to deliver its fourth straight 75 basis-point hike in its November meeting, with some even pricing in a full percentage point raise.
At 8:55 a.m. ET, Dow e-minis were up 19 points, or 0.06%, S&P 500 e-minis were down 5.75 points, or 0.16%, and Nasdaq 100 e-minis were down 39.25 points, or 0.35%.
猜你喜欢
- DXY continues to gain momentum; currencies to be volatile after Fed Chair statement, USDINR to trade sideways
- Learner’s Park; A fulfilling career often sprouts from genuine enthusiasm, says Dhruv Galgotia of Galgotias University
- Stock markets halt three-day gaining streak on weak global trends
- L&T Construction bags large order for its power transmission & distribution biz in Middle East region
- Kicks, punches fly as Council members clash in UP’s Shamli; Akhilesh Yadav reacts - WATCH Video
- Japan plane crash- Crew begins clearing flight wreckage from Haneda International Airport runway – In pics
- EKA Mobility to supply 1,000 e-buses to GreenCell Mobility
- Extreme volatility since Fed’s Jackson Hole remarks- RBI Governor Shaktikanta Das
- Empowering India- Transformative strategies for grassroots financial inclusion through technology