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Stocks - U.S. Futures Higher; Fed Meeting and Tech Results Eyed

Stock MarketsApr 27, 2020 07:10AM ET
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© Reuters.

By Peter Nurse    

Investing.com - U.S. stocks are set to open higher Monday, with investors buoyed by news of more stimulus and state reopenings ahead of a week dominated by central bank meetings and earnings from the big tech stocks.

At 7 AM ET (1100 GMT), S&P 500 futures traded 22 points, or 0.8%, higher, Nasdaq futures up 90 points, or 1%. The Dow futures contract rose 212 points, or 0.9%.

Wall Street is coming off its first losing week in three, and the Dow and S&P 500 cash indices are on track for the best month since October 2011, while the Nasdaq is set for its best month since April 2009.

Earlier Monday the Bank of Japan kicked off a week of central bank action by lifting the cap on its purchases of Japanese government bonds and boosting its purchases of commercial paper and bank loans.

This has raised confidence that the U.S. Federal Reserve, which finishes a two-day meeting on Wednesday, and the European Central Bank, which meets on Thursday, could offer up more stimulus to support economies hit by social distancing measures.

Elsewhere, more U.S. states are prepared to ease restrictions on commerce this week, despite worries about the extent of testing in place.

"I think as we begin to reopen the economy in May and June you're going to really see the economy bounce back in July, August, September," said Treasury Secretary Steven Mnuchin on Sunday. “We are putting in an unprecedented amount of fiscal relief into the economy."

The corporate earnings season picks up pace this week, with around 30% of the S&P 500 index scheduled to report financial results in the week ahead.

While Monday is relatively quiet, tech giants Alphabet (NASDAQ:GOOGL), Facebook (NASDAQ:FB), Twitter (NYSE:TWTR), Apple (NASDAQ:AAPL), Microsoft (NASDAQ:MSFT) and Amazon (NASDAQ:AMZN) all report this week. Weak numbers in the first quarter are likely to be a small preview of what’s to come, but most investors will be looking for any guidance further ahead as dire results are already baked in. 

The oil market has slumped Monday, retreating from recent gains as traders fret that production cuts may not be enough to eradicate oversupply.

Baker Hughes reported on Friday that the rig count in the U.S. fell by 60, taking the total number to just 378, and falling quickly towards the lows seen in 2016. In addition, the ongoing oil price slump has ensnared another company as Diamond Offshore Drilling (NYSE:DO) filed for bankruptcy.

At 7 AM ET, U.S. crude traded 16% lower at $14.12 a barrel, while the international benchmark Brent contract fell 4% to $23.81.

Elsewhere, gold futures rose 0.1% to $1,734.25/oz, while EUR/USD traded at $1.0850, up 0.3%.

 

Stocks - U.S. Futures Higher; Fed Meeting and Tech Results Eyed
 

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Comments (55)
franklin neversoy
franklin neversoy May 03, 2020 9:26PM ET
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Still waiting on tariffs to be announced that will ruin tomorrow’s markets even more
franklin neversoy
franklin neversoy May 03, 2020 9:25PM ET
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So that latest trump comment is empty nothing to back it up except fairy tales from pompeo 🙄
franklin neversoy
franklin neversoy May 03, 2020 9:22PM ET
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Leslie stahl. Certainly keep it quiet she’s special 🙄
franklin neversoy
franklin neversoy May 03, 2020 8:40PM ET
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China opens at 8:30 cst see what happens
franklin neversoy
franklin neversoy May 03, 2020 8:32PM ET
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Oil bring down markets by themselves don’t need gas nobody drives simple tankers anchored off shore East south and west coast for along time
franklin neversoy
franklin neversoy May 03, 2020 7:46PM ET
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No pulse pence told him to say it another lier fauci ready to resign let miss koolaid drinker dr brix be the mum lol
franklin neversoy
franklin neversoy May 03, 2020 7:15PM ET
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No bargain hunting tomorrow
franklin neversoy
franklin neversoy May 03, 2020 7:13PM ET
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Techs getting slammed from no guidance we gonna revisit March lows are worse Dow 17,000
franklin neversoy
franklin neversoy May 03, 2020 6:52PM ET
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Next -400
franklin neversoy
franklin neversoy May 03, 2020 6:50PM ET
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There’s nothing to turn this around people will hoard unemployment money certainly won’t eat out pay rent utilities and food no luxury
franklin neversoy
franklin neversoy May 03, 2020 6:43PM ET
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At-300 plus miserable but just started
franklin neversoy
franklin neversoy May 03, 2020 6:33PM ET
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When deaths increase next week people should have thought different virus doesn’t care about a calendar
franklin neversoy
franklin neversoy May 03, 2020 6:26PM ET
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Investing . Com has real time futures excellent
franklin neversoy
franklin neversoy May 03, 2020 6:23PM ET
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Futures be -300 shortly reopening gonna be fatal oh well
franklin neversoy
franklin neversoy May 03, 2020 6:16PM ET
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Wait till the death toll shows 70,000 next week we will be deep in bear territory once again
franklin neversoy
franklin neversoy May 03, 2020 6:13PM ET
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Kudlow needs to resign he doesn’t have a clue next to pompeo
franklin neversoy
franklin neversoy May 03, 2020 6:08PM ET
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Between reopening too early and tariffs threats look for another %5 drop tomorrow
franklin neversoy
franklin neversoy May 03, 2020 6:04PM ET
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Futures are already-200 morning opening be miserable
franklin neversoy
franklin neversoy May 03, 2020 4:00PM ET
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Trump is something else if he looses he will simply leave his debt for the next guy that’s how he operates
franklin neversoy
franklin neversoy May 03, 2020 3:29PM ET
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The deaths will exceed 100,000 by sometime in May guaranteed trump can’t turn that around we have death every single hour we almost at 70,000 when is his puppet cabinet gonna demand his resignation
franklin neversoy
franklin neversoy May 03, 2020 3:23PM ET
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Cmon November trump bashing bush kudlow running his mouth trump more concerned about rally than virus god know what the futures are gonna do i think red no good news deaths keep rising case aren’t falling we be right back to quarantine way to early to open up oh well and nobody wants to hear from Buffetts mouth
franklin neversoy
franklin neversoy May 03, 2020 12:47AM ET
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Tired 😴 of Buffett actiing like he’s oblivious to all this he’s not making any humane gestures to anything terrible
franklin neversoy
franklin neversoy May 02, 2020 10:04PM ET
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This virus now has a larger buffet to infect we can increase sick and dead instantly now this will ********trumps re-election the death toll near 100,000 will finish him we almost at 70,000 we be there next week we can all thank trump
franklin neversoy
franklin neversoy May 02, 2020 9:57PM ET
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Buffet must have blinders on the rich only pretend to care and be passionate 🤮 that’s how they really care him and munger hiding in their houses you can add gates and wife to that mix
franklin neversoy
franklin neversoy May 02, 2020 9:51PM ET
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Buffet trying to put positive spin on economic situation says it will get better coarse he’s rich won’t effect him makes me sick millions begging for food
 
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