Finance News

Inventory futures stay unchanged after S&P hit one other document

US stock futures were unchanged overnight Tuesday after the S&P 500 closed at a new record high.

Dow Futures rose 5 points. The S&P 500 and Nasdaq 100 futures rose 0.04% and 0.1%, respectively.

Software company Salesforce reported a blowout profit on Tuesday after the bell. The soon-to-be Dow member surged more than 10% in extended trading after beating the income statement of second quarter results.

Salesforce will replace Exxon Mobil, Amgen will replace Pfizer and Honeywell International will replace Raytheon Technologies on the Dow average, S&P Dow Jones Indices said Monday. The changes are due to Apple's upcoming stock split, which will reduce its technology weighting on a price-weighted average.

HP Enterprise, builder Toll Brothers and retailer Urban Outfitters jumped behind the bell after their better-than-expected earnings.

On Tuesday, the Dow Jones Industrial Average lost 60 points as Apple, the Meter's biggest influence, hit a five-day winning streak. The tech giant closed the session down around 0.8%.

The S&P 500 gained 0.36% and thus reached its 17th record close for 2020. The Nasdaq Composite also closed with a record value of 0.76%. Facebook's shares rose more than 3%.

China and the US resumed trade talks on Tuesday. In a statement, the US Trade Representative's Office stated that both sides "have made progress and are determined to take the necessary steps to ensure the success of the" Phase 1 trade deal.

Markets were "propped up by converts who eventually joined the party, the recent sustained declines in Covid cases, the appearance of ongoing new treatments and renewed advances in trade negotiations with China," said Jim Paulsen, chief investment strategist at Leuthold Group , across from CNBC.

The winning season continues on Wednesday. Dick & # 39; s Sporting Goods, Express and Royal Bank of Canada report before the opening bell. Box, NetApp, Splunk and Williams-Sonoma will report after the bell on Wednesday.

Later this week, the Federal Reserve will hold its annual monetary policy symposium. Wall Street will be looking for clues about further momentum and where the economy is taking off from the event. Investors will specifically look for Powell's comments on inflation and its impact on the dollar.

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