By Will Horner
S&P 500 may grind higher after hitting its 21st record close of the year as investors awaited a string of bank earnings
Traders worked on the floor of the New York Stock Exchange on 13th April, 2021
Futures tied to the broad S&P 500 index were relatively flat. On Tuesday, the benchmark hit its 21st record close of the year, led higher by technology shares. Nasdaq-100 futures ticked 0.2% higher.
Investors say they are optimistic about the biggest American companies’ earnings and outlook for the rest of the year, given the projections for a sharp economic recovery. Sizable government stimulus measures and repeated pledges from the Federal Reserve to continue supporting the recovery have largely helped alleviate concerns about the pace of the reopening and the vaccination rollout.
“As the fundamentals emerge in the weeks ahead, there should be some really eye-catching earnings data coming through and some very strong economic data,” said Paul O’Connor, head of a multiasset team at Janus Henderson Investors. “It is about working out whether the fundamentals are strong enough to justify what we have seen markets do.”
Ahead of the market open, Discovery’s Class C shares dropped as much as 6% after CNBC reported that Credit Suisse was still selling blocks of the company’s stock tied to the blowout of hedge fund Archegos Capital Management.
Source: https://www.wsj.com
