Stocks Hit New 2009 Highs on Earnings, Oil Rally, Dollar Weakness
US equities are set to open at fresh one-year highs on Tuesday morning. Sentiment is higher owing to Apple’s post-closing bell announcement that it had sold 7.4 million iPhones and more than 3 million computers. An upbeat session in Asia hasn’t hurt either. The Shanghai Index jumped 1.52%, while shares in Japan climbed 0.98% and those in Hong Kong moved up 0.83%.
November contracts for light, sweet crude are coming close to the psychological barrier of $80 per barrel this morning. Prices have advanced for eight straight days as the US dollar continues to struggle near one-year lows. The euro approached $1.50 versus the greenback overnight before retreating.
Looking to today’s schedule, the main event is the housing starts index, which should continue to rise despite the unemployment rate. A positive number will help real estate sentiment rebound from the unexpectedly poor results yesterday from the National Association of Home Builders. Its housing market index, which tracks builder sentiment, fell for the first time in four months to 18, indicating deep pessimism for the construction industry.
Markets will also receive weekly retail sales statistics from the Johnson Redbook and the International Council of Shopping Centers. Recent weeks have seen better trends in consumer spending, and the reports are receiving more attention than usual as the holiday season approaches.
Aside from data investors will keep their eyes on Q3 earnings. Key releases include the Bank of New York Mellon, which the Street expects to report earnings per share of $0.47. In addition, Caterpillar is due to announce earnings per share of $0.06, Coca-Cola is set to see earnings per share of $0.82, and Pfizer should see earnings per share at $0.48. After the closing bell, Yahoo! should announce EPS of $0.07.
Key Events Today:
By John Gittelsohn August 24, 2020, 4:00 AM PDT Some of the largest real estate investors are walking away from Read More...Late-Stage Delinquencies are Surging
Aug 21 2020, 11:59AM Like the report from Black Knight earlier today, the second quarter National Delinquency Survey from the Read More...Published by the Federal Reserve Bank of San Francisco
It was recently published by the Federal Reserve Bank of San Francisco, which is about as official as you can Read More...
Leave a Comment