HomeTrading News5 things to know before the stock market opens Tuesday

5 things to know before the stock market opens Tuesday

1. Stock futures fail to follow through on Wall Street’s comeback

Traders work on the floor of the New York Stock Exchange (NYSE) on April 25, 2022 in New York City.
Spencer Platt | Getty Images

U.S. stock futures fell Tuesday as earnings reports from major U.S. corporations poured in ahead of after-the-bell quarterly results from Microsoft and Google parent Alphabet, the first of the megatech companies out this week.

Wall Street saw a major turnaround Monday, with the Dow Jones Industrial Average reversing a 488-point decline to close 238 points or 0.7% higher. The S&P 500 and the Nasdaq erased losses, finishing up 0.6% and 1.3%, respectively.Bond yields ticked lower on economic slowdown concerns Tuesday as a number of key reports were hitting before the bell. March Durable goods orders matched estimates. Also coming up are February S&P/Case-Shiller housing data at 9 a.m. ET, as well as March new home sales and April consumer confidence at 10 a.m. ET.

2. PepsiCo raises revenue outlook as earnings beat estimates

In this photo illustration PepsiCo products are shown on October 05, 2021 in Chicago, Illinois.
Scott Olson | Getty Images

PepsiCo‘s better-than-expected revenue and adjusted profit in the first quarter led a crush of S&P 500 companies reporting earnings Tuesday. One day after rival Coca-Cola delivered strong earnings and maintained its guidance, PepsiCo raised its full-year forecast for organic revenue growth. In March, Pepsi joined a host of other Western companies in suspending some of its business in Russia as a punitive measure for the attack on Ukraine but fell short of halting sales there entirely like rival Coca-Cola.

3. U.S. to expand access to Covid pills; Beijing conducts mass testing

Coronavirus disease (COVID-19) treatment pill Paxlovid is seen in a box, at Misericordia hospital in Grosseto, Italy, February 8, 2022.
Jennifer Lorenzini | Reuters

The U.S. is expanding access to oral antiviral treatments against Covid such as Pfizer‘s Paxlovid by doubling the number of locations where they are available, the White House said Tuesday. Drugstores participating in the federal pharmacy program for distributing antiviral treatments will be able to order the free pills directly from the U.S. government starting this week.

China’s capital city of Beijing reported a spike in Covid cases over the weekend and began mass testing Monday in the business district of Chaoyang. Within the district, one community that’s pictured here became classified as a high-risk area.
Jiang Qiming | China News Service | Getty Images

Three-quarters of Beijing’s 22 million citizens lined up for coronavirus tests Tuesday as authorities in the Chinese capital raced to stamp out a nascent outbreak under the country’s zero-Covid policy. They want to avoid the debilitating citywide lockdown that’s hampered China’s biggest city of Shanghai for a month.

4. Twitter CEO says company future unclear under Musk; Dorsey endorses

Getty Images

Twitter CEO Parag Agrawal told employees Monday the future of the social media firm is uncertain after Elon Musk‘s take-private transaction closes. Agrawal spoke during a companywide town hall meeting that was heard by Reuters. Musk, the world’s richest person and CEO of Tesla and SpaceX, is expected to address Twitter staff for a question-and-answer session at a later date.

Twitter CEO Jack Dorsey addresses students during a town hall at the Indian Institute of Technology (IIT) in New Delhi, India, November 12, 2018.
Anushree Fadnavis | Reuters

Among those reacting to Twitter on Monday reaching a buyout deal with Musk is fellow billionaire and co-founder of the social network Jack Dorsey. In a tweet Monday night, Dorsey wrote: “Elon is the singular solution I trust. I trust his mission to extend the light of consciousness.”

5. Fidelity to allow retirement savers to include bitcoin, WSJ says

A bitcoin logo is seen at the entrance of the Miami Beach Convention Center during the Bitcoin Conference 2022 in Miami Beach, Florida, April 6, 2022.
Marco Bello | Reuters

Fidelity Investments will allow investors to add a bitcoin account to their 401(k)s, according to The Wall Street Journal on Tuesday. The 23,000 companies using Fidelity to administer their retirement savings offerings will have the option to add bitcoin to their plans later this year, the Journal’s report said. The head of workplace retirement offerings and platforms at Fidelity said the option will initially be limited to bitcoin but expects other digital assets to be made available in the future.

— CNBC’s Tanaya Macheel, Hannah Miao, Sarah Min and Ryan Browne as well as Reuters contributed to this report.

Sign up now for the CNBC Investing Club to follow Jim Cramer’s every stock move. Follow the broader market action like a pro on CNBC Pro.

No comments

leave a comment