Your current location is:{Current column} >>Text
Futures slip on Tesla, Apple drag; big bank earnings in focus By Reuters
{Current column}3736People have watched
Introduction(Reuters) -U.S. stock index futures slipped on Tuesday, led by losses in shares of megacaps Tesla (N ...
(Reuters) -U.S. stock index futures slipped on FXCM FXCM mobile version MT4 downloadTuesday, led by losses in shares of megacaps Tesla (NASDAQ:) and Apple (NASDAQ:), while investors gauged mixed earnings reports from Goldman Sachs and Morgan Stanley for insights into the health of capital markets and dealmaking.
Tesla shed 1.5% in premarket trading after CEO Elon Musk said he would be uncomfortable growing the automaker to be a leader in artificial intelligence and robotics without having at least 25% voting control of the company.
Apple fell 1.6% after offering rare discounts on its iPhones in China on competition pressures, just days after the tech giant was overtaken by Microsoft (NASDAQ:) as the world's most valuable firm.
On the fourth-quarter earnings front, Goldman Sachs reported a 51% rise in profit as its traders capitalized on a nascent market recovery and its asset and wealth business revenue rose. However, Morgan Stanley's profit dropped on one-time charges tied to a special assessment by the Federal Deposit Insurance Corporation.
The lenders' shares were up 0.5% and 2.2%, respectively.
Their earnings follow lower profits reported by Wells Fargo, Bank of America, Citigroup and JPMorgan Chase (NYSE:) on Friday, as banks grapple with special charges, job cuts and souring consumer loans.
Of the 29 firms that have reported results as of Friday, 93.1% have beaten analysts' earnings expectations, according to LSEG data.
Wall Street finished the previous week higher as investors continue to price in an around 70% chance of the Federal Reserve delivering a 25-basis-point rate cut in March - despite mixed inflation data and a lack of supporting voices among policymakers for a quick start to monetary policy easing.
UBS Global Research boosted its 2024 year-end target for the S&P 500 on Tuesday to 5,150, representing a nearly 8% upside from current levels.
Despite briefly surpassing its previous record closing high last week, the benchmark index has faced resistance to breaching its highest intra-day level, hit in January 2022.
Investors will parse Fed Board Governor Christopher Waller's remarks during the day, after a report said Atlanta Fed President Raphael Bostic, a voting member this year, said inflation could "see-saw" if policymakers cut rates too soon, warning that inflation's descent towards the 2% target was likely to slow in the coming months.
Economic data including December retail sales, industrial production and housing data, due throughout the week, will also be on investors' watch list.
At 7:36 a.m. ET, were down 113 points, or 0.30%, were down 19.25 points, or 0.40%, and were down 78.5 points, or 0.46%.
Dow-component Boeing (NYSE:) declined 2.1% as the Federal Aviation Administration extended the grounding of its 737 MAX 9 airplanes indefinitely for new safety checks, and brokerage Wells Fargo downgraded the stock to "equal weight" from "overweight".
PayPal (NASDAQ:) lost 1.7%. Elon Musk's X, formerly known as Twitter, received a money-transmitter license from Utah on Monday, as the company explores adding a payments feature to the social media platform.
Donald Trump-linked stocks SPAC Digital World Acquisition Corp and Phunware jumped 6.4% and 49.4%, respectively, after the former U.S. president won resoundingly in the first 2024 Republican presidential contest in Iowa on Monday.
Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!
Tags:
Related articles
Meghan hits out at UK media over King Charles letters By Reuters
{Current column}LONDON (Reuters) - Meghan, the wife of Britain's Prince Harry, criticised the British media on Satur ...
Read moreStuck at Mexico border, anti
{Current column}3/3© Reuters. FILE PHOTO: A Russian couple embrace as they wait for a humanitarian visa at the San Y ...
Read moreGrim search for victims, flight recorders after China's first plane crash since 2010 By Reuters
{Current column}3/3© Reuters. People stand in an area where relatives of the passengers of the China Eastern Airline ...
Read more
Popular Articles
- JPMorgan says stocks will fall, analysts raise exposure to cash and gold By
- Crude Oil Lower After U.S.
- Asian banks 'falling short' on decarbonisation efforts
- Asian Stocks Up, Withstands Bond Tumble Triggered by Hawkish Powell Comments By
- Biden cheers debt ceiling 'crisis averted' from Oval Office By Reuters
- Wall St opens higher on tech boost, investors watch NATO summit By Reuters
Latest articles
-
Gold hovers below $2,000 as rate hike jitters increase By
-
Meet the Ukrainian couples training for war By Reuters
-
BOJ Governor Kuroda's comments at news conference By Reuters
-
European Gas Surges 34% As Putin Seeks Payments In Rubles
-
Mitsubishi Motors to extend suspension of production in China
-
Xi says improper handling of Taiwan issues will hit China