New York, NY – General Motors reported a significant beat in first-quarter earnings, leading to a positive start for Dow Jones futures and other major stock indexes on Tuesday morning. The tech giant Tesla is set to release its earnings after the market closes today.
The Dow Jones futures showed a 0.3% increase compared to fair value in morning trading, while the S&P 500 futures rose by 0.4%. Additionally, Nasdaq 100 futures, which focus on technology, also saw a 0.4% climb before the opening bell.
In early trading on Tuesday, the 10-year Treasury yield rose to 4.65%, while oil prices experienced a 0.7% drop with West Texas Intermediate futures at around $81.30 per barrel.
Among the U.S. exchange-traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF and the SPDR S&P 500 ETF both saw a 0.2% increase. General Motors stock surged nearly 5% following the company’s strong first-quarter earnings and raised outlook for 2024.
Other notable companies reporting earnings on Tuesday include Cadence Design Systems, Nucor, Packaging Corporation of America, PepsiCo, and Spotify. Cadence stock dropped 6.2%, Nucor shares fell nearly 6%, Packaging Corporation shares tumbled 3.6%, PepsiCo edged lower, and Spotify shares jumped nearly 8%.
In economic news, the Purchasing Managers’ Index for manufacturing and services is expected at 9:45 a.m. ET, while the Commerce Department is scheduled to report new home sales at 10 a.m. ET. Monday saw the Nasdaq composite leading a bounce with a 1.1% gain, breaking a six-day losing streak, while the S&P 500 climbed 0.9% and the Dow Jones Industrial Average rose 0.7%.
Notable stocks to watch include Alphabet, Dexcom, On Holding, Tradeweb Markets, and Dow Jones component American Express. American Express saw a rebound in heavy volume from support around its 50-day moving average, indicating a new buy area for the stock.
Lastly, Nvidia and Tesla stocks saw gains in Tuesday morning trading, while Apple and Microsoft traded mixed ahead of the stock market open. It’s important to stay informed on stock market trends and individual company performances to make informed investment decisions.