Emerald Asset Management President and CEO Joe Besecker on his outlook for the stock market.
U.S. stock futures ticked higher Tuesday morning as Big Tech and the major averages looked to get back on track following their first losing session in five.
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Dow Jones Industrial Average futures were trading higher by 78 points, or 0.25%, while S&P 500 futures and Nasdaq futures gained 0.29% and 0.35%, respectively. All three indexes slid off record highs on Monday, dragged lower by outsized losses in Big Tech.
Looking at stocks, Big Tech shares were looking to bounce back a day after investors dumped shares in response to the silencing of President Trump and other conservative voices. Twitter Inc. and Facebook Inc. saw outsized losses on Monday after banning Trump from their platforms.
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Elsewhere, Las Vegas Sands Corp. Chairman and CEO Sheldon Adelson died Tuesday at the age of 87 following a battle with non-Hodgkins lymphoma. Adelson bought Sands Hotel and Casino in Las Vegas in 1989 and helped transform the city into a top U.S. destination for conventions and exhibitions.
In other news, Walmart Inc. announced plans to create a fintech startup in collaboration with Ribbit Capital with the aim of developing and offering financial solutions.
Zoom Video Communications Inc. announced a proposed $1.5 billion offering of common stock. All shares of the proposed offering will be sold by the company.
Meanwhile, financials remain in focus as investors look ahead to earnings reports due out on Friday from Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo & Co.
Oil majors Exxon Mobil Corp. and Chevron Corp. gained as West Texas Intermediate crude oil rallied 67 cents to $52.92 per barrel. Elsewhere in the commodities space, gold jumped $8.50 to $1,859.30 per ounce.
Britain’s FTSE 100 was leading the decline in Europe, trading down 0.69%, while France’s CAC 40 and Germany’s DAX 30 were lower by 0.13% and 0.03%, respectively.
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Asian markets were higher across the board with China’s Shanghai Composite index advancing 2.18%, Hong Kong’s Hang Seng index adding 1.32% and Japan’s Nikkei 225 edging up 0.09%.
