US stocks fall hours before Tuesday’s opening bell

U.S. Equity Futures turned negative ahead of Tuesday’s Wall Street trading session.

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$ 34,996.18

+126.02 (+ 0.36%)

$ 14,733.239713

+31.32 (+ 0.21%)

Overnight, Wall Street’s benchmark S&P 500 rose 0.3% to a new high, led by banking, communications and consumer-focused stocks.

“Wall Street braces for a volatile week” as traders decide “to bet on growth or cyclicals,” Oanda’s Edward Moya said in a report.

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On Wall Street, the S&P rose to 4,384.63. The Dow Jones Industrial Average added 0.4% to 34,996.18. The Nasdaq composite gained 0.2% to 14,733.24.

The indices have hit several highs lately in choppy trading.

Expectations for corporate profits are high as companies release quarterly results, led by Wall Street banks on Tuesday.

Corporate profits are expected to increase 64% from a year ago, according to FactSet. It would be the strongest year-over-year growth since 2009 in the aftermath of the global financial crisis.

Shares have risen sharply over the past year as corporate earnings are expected to rebound once the pandemic is over. Without strong earnings, it will be difficult to justify high stock prices and record market valuations.

Meanwhile, Asian stocks followed Wall Street higher on Tuesday after Chinese exports rose double-digit. Investors were eagerly awaiting the US results which should show strong profits for the big banks.

Shanghai, Tokyo, Hong Kong and Sydney advanced.

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The Shanghai Composite Index rose 0.2% to 3,556.27 after Chinese customs data showed export growth in June accelerated to 32.2% from a year earlier.

China led the global recovery from the pandemic, but domestic consumption and other economic activities are stabilizing. China’s global trade surplus grew 11% in one year to $ 51.5 billion. The politically sensitive surplus with the United States increased 11% to $ 32.6 billion.

The Nikkei 225 in Tokyo gained 0.5% to 28,720.09 and the Hang Seng in Hong Kong gained 1.9% to 28,027.48.

Seoul’s Kospi was up 0.7% to 3,269.43 and Sydney’s S & P-ASX 200 was up 0.2% to 7,348.20.

Indian Sensex opened 0.5% at 52,626.80. New Zealand, Singapore and Bangkok won while Jakarta retreated.

On Wall Street, the S&P rose to 4,384.63. The Dow Jones Industrial Average added 0.4% to 34,996.18. The Nasdaq composite gained 0.2% to 14,733.24.

The indices have hit several highs lately in choppy trading.

Expectations for corporate profits are high as companies release quarterly results, led by Wall Street banks on Tuesday.

Corporate profits are expected to increase 64% from a year ago, according to FactSet. It would be the strongest year-over-year growth since 2009 in the aftermath of the global financial crisis.

Shares have risen sharply over the past year as corporate earnings are expected to rebound once the pandemic is over. Without strong earnings, it will be difficult to justify high stock prices and record market valuations.

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In energy markets, benchmark US crude rose 27 cents to $ 74.37 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 46 cents Monday to $ 74.10. Brent crude, the basis of international oil prices, added 22 cents to $ 75.38 a barrel in London. It was 39 cents the previous session at $ 75.16 a barrel.

The dollar gained 110.43 yen against 110.34 yen. The euro rose to $ 1.1865 from $ 1.1858.