U.S. stocks are set to rebound at the open as better-than-expected quarterly earnings roll in during what is the season’s second busiest week for reports. The results are helping offset the wrangling in Washington after lawmakers missed the chance to extend the debt ceiling.
Dow and S&P futures are pacing early gains pointing to fresh records, with the Nasdaq also higher.
Consumer-related companies lead the parade as investors take in positive results from athletic retail giant Under Armour, which raised its full-year outlook after revenue rose 35% to $1.3 billion.
“With a solid balance sheet and well-managed inventory, we’re confident in our ability to drive well through 2021 as we get back on offense and make measured progress to returning to sustainable, profitable growth over the long-term,” said Under Armour President and CEO Patrik Frisk.
|UA||UNDER ARMOUR, INC.||19.04||+0.94||+5.19%|
In energy, BP pulled in $2.8 billion in profits prompting the oil giant to boost its dividend and buyback plan as oil continues to climb.
In deal news, PepsiCo is selling a portion of its juice portfolio, which includes Tropicana and Naked, to private equity firm PAI Partners for $3.3 billion while retaining a 39% noncontrolling interest in a newly formed joint venture.
In commodities, oil held steady at $71.41 per barrel, up slightly, while gold traded down 0.46% to $1,813 an ounce.
In Asia, equities fell across the board with the Nikkei 225 Index down 0.50%, while the Hang Seng Index slipped 0.16% and the Shanghai Composite Index fell 0.47%.