Wall Street to move higher on Tuesday

Wall Street is expected to add to Monday’s gains when US markets open.

With US Federal Reserve member James Bullard calming some of investors’ inflation worries, the Dow Jones Industrial Average is forecast to open 89 points or 0.25% higher, while the S&P 500 is set for a 0.3% rise at the start, and the Nasdaq Composite is expected to add 0.46%.

Sophie Griffiths at Oanda said: “US futures are heading higher, extending gains from the previous session. As base metal prices extend losses and the Fed continues to sing from the dovish hymn sheet, tech stocks look set to extend their lead.”

On the economic front, US new home sales for April are expected to show a drop from 1.02mln to 950,000 while the May consumer confidence index is forecast to fall from 121.7 to 119.

Four things to watch for on Tuesday:

• Earnings are expected today from a number of large cap firms including financial software group Intuit Inc (NASDAQ:INTU) and lab instrument maker Agilent Technologies Inc (NYSE:A)
• Car part retailer AutoZone Inc (NYSE:AZO) may grab some attention after the group beat sales and profit forecasts in its quarterly results
• Shares in United Airlines Holdings Inc (NASDAQ:UAL) will be in focus after the carrier upped its guidance amid a recovery a demand levels
• Crypto markets are also back in view as Bitcoin, Ethereum and other digital currencies saw strong gains amid interventions from Elon Musk and several positive comments from financial heavyweights on the first day of the Consensus conference

Story by ProactiveInvestors