Cato Institute chair of understanding of economics Ryan Bourne joins ‘Kennedy’ to discuss concerns surrounding the U.S. economy amid supply chain crisis
U.S. stock futures rallied Tuesday as earnings reports continued to exceed estimates.
Dow Jones Industrial Average futures rose 176 points, or 0.5%, while S&P 500 futures and Nasdaq 100 futures climbed 0.5% and 0.36%, respectively.
In stocks, Johnson & Johnson raised its full-year adjusted profit forecast but held the outlook for COVID-19 vaccine sales unchanged. Adjusted earnings were ahead of estimates while revenue fell short.
Separately, the U.S. Food and Drug Administration is set to approve a “mix and match” approach to COVID-19 booster shots, according to The New York Times. An official announcement could come as early as this week.
Walmart Inc. was added to Goldman Sachs’ “Americas Conviction List” due to the belief the world’s largest retailer is in a position to take market share and improve profitability next year.
Proctor & Gamble reported earnings and revenue that exceeded Wall Street estimates as price hikes helped offset higher costs. The company warned it expects inflation will intensify in the months ahead.
Travelers Companies Inc. beat on both the top and bottom lines as stronger investment returns helped offset a rise in catastrophe losses.
Haliburton Co. swung to a quarterly profit after losing money a year ago as demand picked up for oilfield services as crude prices rebounded. CEO Jeff Miller sees a “multiyear upcycle unfolding.”
West Texas Intermediate crude oil surged $1.07 to $83.51 a barrel and gold jumped $13.20 to $1,778.90 an ounce.
Overseas markets were broadly higher.
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In Europe, Britain’s FTSE 100, France’s CAC 40 and Germany’s DAX 30 all held gains between 0.1% and 0.2%.
Asian bourses rallied across the board with Hong Kong’s Hang Seng index climbing 1.49%, China’s Shanghai Composite advanced 0.7% and Japan’s Nikkei 225 edged up 0.65%.
