Zacatecas Silver CEO Bryan Slusarchuk discusses the rise in the price of silver and why he hopes the metal will eventually been seen as a currency.
U.S. equity futures rallied Tuesday morning as bipartisan COVID-19 relief talks appeared to be making headway on Capitol Hill.
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Dow Jones Industrial Average futures were higher by 233 points, or 0.77%, while S&P 500 futures and Nasdaq Composite futures advanced 0.78% and 0.81%, respectively.
President Biden met with 10 Republican Senators on Monday afternoon to discuss their approximately $618 billion COVID-19 aid package that would extend a third round of stimulus checks to some Americans, grant an additional $300 a week in supplemental unemployment benefits through June and provide $50 billion for small businesses.
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Looking at stocks, GameStop Corp. shares were sharply lower for a second straight day as bulls and bears continue to do battle in the highly volatile stock. Other recent high flyers, including AMC Entertainment Group, Bed Bath & Beyond Inc. and BlackBerry Ltd. were also under pressure.
In earnings, United Parcel Services Inc. said adjusted quarterly profit rose 27% year over year as the e-commerce boom fueled by the COVID-19 pandemic resulted in a surge in home-delivery demand. The company also received a boost from its role in delivering COVID-19 vaccines.
Pfizer Inc. forecast $15 billion in sales from the COVID-19 vaccine it is producing along with BioNTech and raised its full-year outlook. Prior quarter sales from the vaccine were one-third of what was expected.
Exxon Mobil Corp. announced an additional $3 billion of expense reductions and reported its first annual loss in 40 years as the COVID-19 pandemic resulted in a sharp drop in demand for oil and gas. The oil giant also created a “Low Carbon Emissions” unit that will help reduce greenhouse gases by up to 20% by 2025.
Meanwhile, Harley-Davidson Inc. unveiled its five-year turnaround plan called “The Hardwire” as shipments to dealers plunged 32% from a year ago to their lowest level since 1997. Annual retail sales, meanwhile, sank 17% to the weakest since 1998.
Tech giants Alphabet Inc. and Amazon Inc. will report their quarterly results after the closing bell.
Elsewhere, Tesla Inc. announced it would recall 134,951 Model S and Model X vehicles after a U.S. regulator warned their touchscreen displays could fail.
In commodities, silver plunged $1.808, or 6.15%, to $27.62 an ounce a day after posting their largest gain in almost 12 years. Elsewhere in the space, gold fell $15.90 to $1,844.90 an ounce and West Texas Intermediate crude oil jumped $1.38 to $54.93 a barrel.
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Overseas markets were higher across the board with France’s CAC 40 leading the advance in Europe, trading up 1.62%, while Germany’s DAX 30 and Britain’s FTSE 100 climbed 1.1% and 0.35%, respectively.
In Asia, Hong Kong’s Hang Seng index gained 1.23%, Japan’s Nikkei 225 rallied 0.97% and China’s Shanghai Composite index added 0.81%.
