Dow, S&P 500 Slowly Move Towards New Highs As Investors Scrutinize Morgan Stanley, PNC Earnings

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Dow and S&P 500 index futures contracts were slightly higher on Friday morning as investors expected a string of corporate earnings results to end the first week of the quarterly reporting season. Investors will carefully study the earnings of Morgan Stanley, Bank of New York Mellon, Citizens Financial Group and PNC Financial Services Group.

How are comparisons negotiated? Futures for the Dow Jones Industrial Average YM00, + 0.15% YMM21, + 0.15% rose 51 points to 33,974, a gain of 0.2%. S&P 500 ES00 Index futures, + 0.12% ESM21, + 0.12% were up 3.10 points, or less than 0.1%, to 4,165.50. Nasdaq-100 NQ00 futures, + 0.03% NQM21, + 0.03% declined 12.75 points, or 0.1%, to 14,000.50. READ: With a close above 34,000, the Dow has already passed the four thousand mile-point markers in 2021 On Thursday, the Dow DJIA, + 0.90% gained 305.10 points, or 0.9%, to finish at 34,035.99, establishing a new closing record and an all-time intraday high at the beginning of the session. The S&P 500 SPX, + 1.11% added 45.76 points to reach 4,170.42, a gain of 1.1%, registering a record, while the Nasdaq Composite Index COMP, + 1.31% advanced 180, 92 points, or 1.3%, to 14,038.76, ending at 0.4% from its February 12 closing record. For the week, the Dow Jones is up 0.7%, while the S&P 500 and Nasdaq Composite are targeting a 1% weekly gain at the close on Thursday. The Dow and S&P 500 are targeting a fourth consecutive weekly advance, while the Nasdaq is targeting a third. What drives the market? With the recovery from the COVID pandemic in the light of this week’s US economic data, including retail sales and weekly claims for unemployment benefits, reflecting huge fiscal stimulus from Washington and the launch of the vaccine, investors They are taking the major stock indices to new heights. The gains have also helped support optimism about the recovery, as the country’s largest banks, Goldman Sachs Group GS, + 0.95% and JPMorgan Chase & Co JPM, + 0.63%, produced promising results for companies. US economic prospects. The hope for further improvements comes as China’s economic growth increased 18.3% year-on-year in the first quarter, with retail sales rising 34.2% in the world’s second-largest economy. “Although year-on-year comparisons are skewed considering that China was locked in around this time last year, it still confirms that the world’s second-largest economy is making significant strides in the post-pandemic era,” wrote Han Tan, market analyst at FXTM . “Hopes for a broad-based US recovery have been fueled by yesterday’s economic releases, which feature the lowest weekly jobless claims since March 2020 and the largest monthly gain for industrial production since July,” Tan said. Tan said that what is “crucial to investor sentiment is that this economic recovery shows no signs of abating,” including global COVID vaccines and fiscal and monetary support, which have been supportive for the market and the economy. That said, the director of the Centers for Disease Control and Prevention, José Romero, told Bloomberg that Johnson & Johnson’s hiatus in the US could last several weeks, noting that an advisory committee will review the extremely rare blood clotting problems that have been the source of his temporary stoppage on April 23rd. Meanwhile, Friday is relatively light on US data, but a reading on housing starts and permits for March are due at 8:30 am ET and a report on confidence will be released. of the consumer at 10 am Which companies are in the spotlight? Shares of Bank of New York Mellon Corp. BK rose fractionally in pre-market trading on Friday, after the bank reported first-quarter earnings and income that fell from a year earlier, given the impact of low interest rates. interest, but exceeded expectations. Eli Lilly and Co. LLY said Friday that it is seeking revocation of the emergency use authorization granted by US regulators for its bamlanivimab antibody treatment to COVID-19 only to complete the transition to bamlanivimab and etesevimab together. Biomea Fusion Inc. BMEA, was to go public on Friday, as the California-based biopharmaceutical company focused on treating genetically defined cancers said its initial public offering increased to a price of $ 17 a share, on the extreme above the expected range of $ 15.- $ 17 per share.