By Shreyashi Sanyal and Shivani Kumaresan (Reuters) – The Dow and Nasdaq were due to open lower on Wednesday after a mix of gains from big tech companies and bearish results from Boeing (NYSE :), while investors waited that the Federal Reserve stick to its promise to keep monetary policy loose. Microsoft Corp (NASDAQ 🙂 met quarterly sales expectations and beat earnings estimates, but its shares fell 2.7% in premarket trading due to skepticism about the one-time earnings included in results and large hopes after a year-long rally. Google‘s parent company Alphabet (NASDAQ 🙂 Inc was up 5.1%, reporting record earnings for the second consecutive quarter and a $ 50 billion share buyback, but warned of an increase in usage and sales. Ads during the pandemic could decrease as people resume their activities in person. Meanwhile, the US central bank’s policy statement is expected to largely follow the mold set in December, when the Fed said it would not change monetary policy until there was “further substantial progress” in compliance. of your maximum employment goals and 2% inflation. The statement is due at 2 pm EDT. “Investors will get what they expect, which is the continued super-dovish comments from the Fed,” said Christopher Grisanti, chief equity strategist at MAI Capital Management in Cleveland. “If there is any change from that position, it will be a big problem for the markets, but that is unlikely.” The benchmark index rose to its highest level in more than two weeks. [US/] At 8:17 a.m. ET, they were down 76 points, or 0.22%, up 0.25 points, or 0.01%, and down 24 points, or 0.17%. The big-cap tech Nasdaq completed a full recovery from its 11% correction that began in February on Monday, supported largely by a surge in megacap stocks and waning inflation fears. Boeing Co fell 1.6% after posting a larger-than-expected quarterly loss, even as it reported an improvement in aircraft deliveries as its 737 MAX jets come back online. Biotech Amgen Inc (NASDAQ 🙂 fell 4.0% as it said its first-quarter sales and profits fell due to a 7% drop in the net prices of its drugs and an impact from the COVID-19 pandemic. Some of the major US companies, including Qualcomm (NASDAQ 🙂 Inc, Caterpillar Inc (NYSE 🙂 and Exxon Mobil Corp (NYSE :), are reporting their first-quarter earnings this week. Later in the day, Facebook Inc (NASDAQ 🙂 is expected to report an increase in first-quarter revenue, while Apple Inc (NASDAQ 🙂 is expected to post a more than 32% increase in second-quarter revenue. . Shares of Facebook rose 2.2%, while Apple added 0.1%. Overall first quarter earnings per share for companies is expected to increase 35% over the prior year, which would be the largest increase since the fourth quarter of 2010, according to Refinitiv IBES data. US President Joe Biden is expected to present a $ 1.8 trillion package for families and education in his first joint address to Congress, senior White House officials said.
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