The stock futures are flat ahead of the start of the earnings season
US stock futures were unchanged early Wednesday morning before the first corporate profits were made.
Dow futures traded only 16 points higher. S&P 500 futures and Nasdaq 100 futures both moved in slightly positive territory.
On Tuesday, the S&P 500 rose 0.4% to close at a record high. Stocks shook off calls by the Food and Drug Administration to halt Johnson & Johnson’s Covid-19 vaccine delivery after six people in the U.S. developed a rare blood clot disorder. Moderna shares rose more than 7% on the news.
After the bell on Tuesday, Pfizer CEO Albert Bourla said the drug maker could deliver 10% more vaccine doses to the US by the end of May than previously expected. Also, Moderna said his Covid-19 vaccine was more than 90% effective against the virus six months after a person was shot twice.
The tech-heavy Nasdaq Composite gained more than 1% on Tuesday, with Amazon, Apple, Alphabet, Netflix, Microsoft and Tesla all closing higher.
The Dow Jones Industrial Average lost 68 points after losing more than 150 points at the start of the session.
The Department of Labor’s consumer price index fell a little hotter than expected on Tuesday. The CPI rose by 0.6% compared to the previous month, but by 2.6% compared to the same period of the previous year. Economists surveyed by Dow Jones forecast an increase in the overall index of 0.5% compared to the previous month and 2.5% compared to the previous year.
Investors prepare for the first wave of corporate earnings on Wednesday when JPMorgan, Goldman Sachs and Wells Fargo report before the bell. Bank stocks have so far risen sharply this year, with the KBW Bank Index clearly outperforming the S&P 500.
Analysts expect investment banking results to be strong, but credit growth to slow. In addition, the release of credit reserves could lead to high profit numbers.
Market participants will also pay attention to Coinbase’s direct listing on Wednesday. Crypto investors are hailing the company’s public debut as a major milestone for the industry after years of skepticism from Wall Street and regulators. Bitcoin price rose to a new record high of more than $ 63,500 on Tuesday.
Federal Reserve Chairman Jerome Powell will speak on the economic recovery from the pandemic at 12:00 noon on Wednesday at the Economic Club of Washington.
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