US indices are expected to claw back some of yesterday’s losses as bargain hunters move back in after yesterday’s cage-rattling.
Spread betting quotes point to the Dow Jones Industrial Average opening 117 points firmer at 27,802 and the S&P 500 kicking off 17 points firmer at 3,418.
The high-flying NASDAQ Composite was anything but yesterday, shedding 189 points, but it looks set to claw back those losses and more with a 211 point hike to 11,569.
The tech-heavy index received another fillip before the bell from a bit of merger & acquisitions activity, with computer chip giant Advanced Micro Devices – AMD to its fans – launching a US$35bn all-share offer for Xilinx, the programmable system-on-chip specialist.
Elsewhere, 3M Co beat expectations with its third-quarter earnings per share (EPS) of US$2.43; analysts had penciled in a figure of US$2.26.
Drugs maker Eli Lilly’s third-quarter numbers failed to come up to snuff, however. Adjusted EPS of US$1.54 was comfortably below the US$1.71 analysts had been expecting.
The company confirmed overnight that its US clinical trial of an experimental antibody therapy will end as data suggested that the treatment is unlikely to help hospitalized patients recover from advanced forms of the coronavirus.
Turning to macroeconomic events, the US Case-Shiller house price index and Conference Board consumer confidence releases are expected.
The former is tipped to show 0.5% growth in August, down marginally from July’s 0.6% increase.
The Conference Board consumer confidence reading for October is expected to nudge up to 102 from 101.8 in September.
Five things to watch for on Tuesday:
- On the company news front, third quarter earnings from Microsoft Corp (NASDAQ:MSFT), which comes in a few days ahead of Thursday’s blockbuster earnings schedule which will feature other tech giants including Apple Inc (NASDAQ:AAPL) and Google parent Alphabet Inc (NASDAQ:GOOG)
- Earnings from pharmaceutical group Pfizer Inc (NYSE:PFE) are also likely to draw attention
- Share price reaction from Caterpillar Inc (NYSE:CAT) will likely be watched after the digger maker reported a better than feared profit fall for its third quarter
- Investors will also be eyeing computer processor maker Advanced Micro Devices Inc (NASDAQ:AMD), both for its earnings and any further details on its recently agreed US$35 billion acquisition of peer Xilinx (NASDAQ:XLNX)
- In the macro data schedule, new orders for US manufactured durable goods over September will be eyed to see if the figure has managed to keep rising after growth in August slowed sharply to 0.4% growth, well below market forecasts and down from an 11.7% jump in July
Story by ProactiveInvestors
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 888-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 888-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
pathogens and gives you more
energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video)
Immusist Beverage Concentrate - Proprietary blend, formulated to reduce inflammation while hydrating and oxygenating the cells.