U.S. stocks edged higher ahead of the open on Tuesday, ending the last day of February on Wall Street.
Futures linked to the S&P 500 (^GSPC) and futures on the Dow Jones Industrial Average (^DJI) rose 0.2%. Contracts on the technology-heavy Nasdaq Composite (^IXIC) added 0.3%.
The yield on the 10-year US Treasury note reached 3.94% on Tuesday morning. The price of US WTI crude oil rose to about 76.70 US dollars per barrel. The dollar index was flat.
Stocks closed higher on Monday, rebounding from Wall Street’s worst week of the year. All three indices are set to end February in the red after a relatively positive start to the year.
Economic data released on Monday brought mixed results for the US economy. New orders for durable goods in January fell to 4.5%, compared to economists’ estimates of 4.0%, the Bureau of Statistics reported. It was driven by small orders of aircraft.
Meanwhile, housing data showed signs of a rebound, with home sales rising 8.1%, higher than the 1.0% gain forecast by Bloomberg economists, according to data from Released by the National Association of Realtors.
Wall Street is awaiting Tuesday’s reports on wholesale products, home prices, and futures trade balances, as well as readings on consumer confidence from the Conference Board.
With inflation still holding steady, Federal Reserve Governor Philip Jefferson on Monday dismissed the evidence for the central bank’s 2% inflation target and said he was not “disillusioned”. ” that it will be easy to bring back inflation.
This week, investors will continue to focus on the retail sector. On Tuesday, earnings from Target ( TGT ) met analysts’ expectations as consumer spending from discretionary brands continued. Retail store sales rose 0.7%, above estimates for a 1.74% decline. The stock rose more than 3% in premarket trading.
Data from Bespoke Investment Group showed that in the past week, 420 stocks reported gains and the number of companies that cut guidance was more than double the number of growth guidance, indicating “a lot of trouble for these small companies that give and report at the end of the season. .”
In other stock moves, Zoom ( ZM ) shares rose after the company posted better-than-expected fourth-quarter earnings, with earnings per share of $1.22 above estimates 80 cents. Revenue reached 1.12 billion dollars.
Shares of Occidental Petroleum ( OXY ) were lower at the open on Tuesday after the oil and gas giant reported fourth-quarter results that fell short of Wall Street expectations on revenue and earnings per share. .
Shares of Workday ( WDAY ) fell after the human resources software company raised expectations for revenue of $1.65 billion, up 20% year-over-year, versus estimates of $1.63 billion.
Shares of AMC Entertainment Holdings, Inc. (AMC) rose on Tuesday after a Delaware court said it would hold a hearing on April 27, which could delay the conversion date of APE units into common stock.
Dani Romero is a reporter for Yahoo Finance. Follow her on Twitter @daniromerotv
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