Stock

Constructive features, restoration optimism elevate Wall-St futures

© Reuters. FILE PHOTO: People wearing face masks walk past the New York Stock Exchange (NYSE) during the coronavirus disease (COVID-19) outbreak in New York City, New York, the United States, July 19, 2021. REUTERS / Andrew Kelly

By Devik Jain

(Reuters) – U.S. stock index futures rose on Wednesday, supported by positive quarterly results and forecasts from companies like Johnson & Johnson (NYSE 🙂 and Harley Davidson, while stocks related to economic growth also rose.

Johnson & Johnson gained 1.2% in pre-trading after the drug maker forecast positive profits for 2021, while Harley-Davidson Inc (NYSE 🙂 added 3.5% as it reported a second straight quarterly profit.

Wall Street ended significantly higher Tuesday, recovering from a multi-day losing streak, as a string of bullish earnings reports and revived economic optimism fueled a risky rally.

Netflix Inc (NASDAQ :), the first to report earnings for the FAANG group, said it will dig deeper into video games as the movie and TV streaming service forecasts weak subscriber growth. The shares fell 0.3%.

Coca-Cola (NYSE 🙂 Co rose 3% after the world's largest soda maker raised its full-year sales forecast as demand for its beverages rebounded on the reopening of theaters, restaurants and stadiums.

Analysts expect annual S&P earnings growth of 72.9% for April-June, a significant improvement from the 54% growth at the beginning of the quarter, according to data from Refinitiv.

Market participants are also closely watching the second quarter reporting season to justify the sky-high valuations the market is currently trading at.

For the year so far, the benchmark has gained 15.1% on optimism about a stronger recovery due to vaccinations and a favorable monetary policy.

Energy stocks Chevron Corp (NYSE :), Exxon Mobil (NYSE :), Schlumberger NV (NYSE :), Occidental Petroleum (NYSE :), Marathon oil (NYSE 🙂 and Halliburton (NYSE 🙂 climbed between 1.1% and 2.9%, tracking higher oil prices. (OR)

United Airlines rose 1.6% after revenue quadrupled year over year, beating estimates with a strong recovery in domestic travel.

Rivals American Airlines (NASDAQ 🙂 and Southwest Airlines (NYSE 🙂 rose 0.8% and 1.4%, respectively, ahead of their results on Thursday.

Price sensitive lenders Morgan Stanley (NYSE :), Wells Fargo (NYSE 🙂 & Co, City group (NYSE :), Goldman Sachs (NYSE :), Bank of America Corp (NYSE :), and JPMorgan (NYSE 🙂 & Chase were up between 0.3% and 1.2%. (US/)

At 6:47 a.m. ET, they were up 173 points or 0.5%, up 15.25 points or 0.35%, and were up 6.25 points or 0.04%.

Chipotle Mexican Grill Inc (NYSE 🙂 rose 5.3% as brokers raised their price targets on the Burrito chain's stock after it beat estimates for earnings and comparable quarterly sales.

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