Equity futures traded slightly higher on Tuesday night as investors viewed a batch of stronger-than-expected results with growing optimism about the trajectory of corporate earnings, even in the face of supply chain constraints. supply.
S&P 500 contracts edged up. The blue chip index closed a fifth straight session in positive territory on Tuesday, marking its longest winning streak since August. Bitcoin (BTC) prices topped $ 64,000 per share and hit an all-time high, after the very first Bitcoin futures exchange-traded fund, or the ProShares Bitcoin Strategy ETF (BITO), rose. nearly 5% on its public debut on the New York Stock Exchange.
Shares of Netflix (NFLX) fluctuated between late-trading gains and losses despite posting third-quarter earnings and subscriber growth that exceeded Wall Street expectations. United Air Lines (UAL) shares rose after the carrier posted a quarterly loss below expectations and revenue above expectations, while remaining about 32% below 2019 levels.
These better-than-expected results, in addition to those of previous reporters including the big banks last week, and Procter & Gamble and Johnson & Johnson on Tuesday morning helped allay traders’ fears that corporate earnings will slow significantly after a slump. second quarter increase. . Investors are watching nervously inflation data showing that prices have risen the most in decades, in addition to a myriad of reports of persistent labor and material shortages and delivery issues. All of these factors are expected to weigh heavily on corporate earnings.
“We think investors have been too pessimistic about earnings expectations,” Jon Adams, senior investment strategist, BMO Capital Markets, told Yahoo Finance Live. “It looks like the second trimester was probably the peak, but the third trimester will be strong, probably over 30% year over year [growth]. “
“We believe the strength will continue into the fourth quarter, we are not overly concerned about profit margins,” Adams added. “We are closely monitoring supply chain issues and increasing wage pressures, but we still believe profit margins are at healthy levels and there are more benefits to come.”
Other experts have also suggested that price pressures may start to ease over the next few quarters.
“I believe that as these supply chain issues abate over the course of 2022, we will also start to see inflation moderating from these high levels,” said Meera Pandit, Global Market Strategist at JPMorgan Asset Management, at Yahoo Finance Live. “It won’t be completely transient. Things like housing, things like food, we’ve seen wages go up a bit. So we’re going to see higher inflation than in the last expansion. But it’s going to come down and moderate. from these levels. ”
6:02 p.m. ET Tuesday: Stock futures point to lower open
Here’s where the markets were trading Tuesday night:
S&P 500 Futures Contracts (ES = F): +2 points (+ 0.04%), at 4,513.25
Dow Futures (YM = F): +8 points (+ 0.02%), at 35,331.00
Nasdaq Futures (NQ = F): +3.75 points (+ 0.02%) to 15,402.25
Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter
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