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U.S. equity futures were trading higher as earnings season on Wall Street kicks off beginning with the big banks.
The major futures indexes suggest minor moves when the Wednesday session begins.
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First quarter earnings season begins Wednesday morning with a trio of banks – Dow members JPMorgan Chase and Goldman Sachs, and financial services giant Wells Fargo reporting results.
On the economic calendar will be another inflation-related report in the form of import and export prices for March. Prices of imported goods likely jumped 1% last month, down from February’s 1.3% rise. Export prices, meantime, are also expected to jump 1%, down from a 1.6% increase the previous month.
CONSUMER PRICES POST BIGGEST MONTHLY INCREASE SINCE AUGUST 2012
On Tuesday, the U.S. government reported consumer prices increased by a stronger-than-expected 0.6% in March, the fastest rate since 2012.
In Asia, Japan's Nikkei 225 shed 0.4%, the Hang Seng in Hong Kong advanced 1.3% and China's Shanghai Composite Index gained 0.6%.
Wall Street's benchmark S&P 500 index closed 0.3% higher in choppy trading. Tech and consumer stocks gained on optimism the vaccine rollout will allow business activity to return to normal. Johnson & Johnson declined after U.S. regulators suspended use of its single-dose vaccine to investigate possibly dangerous blood clots.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 33677.27 | -68.13 | -0.20% |
| SP500 | S&P 500 | 4141.59 | +13.60 | +0.33% |
The Dow Jones Industrial Average fell 0.2% to 33,677.27. The Nasdaq, which has more technology stocks, gained 1.1% to 13,996.10.
Apple rose 2.4% and Microsoft gained 1%. Technology stocks have been boosted by expectations Americans will shift even more to online buying and entertainment following the pandemic.
Johnson & Johnson fell 1.3%. Moderna, which also makes a COVID-19 vaccine, climbed 7.4%.
The yield on the 10-year U.S. Treasury fell to to 1.62% from Monday's 1.67%.
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In energy markets, benchmark U.S. crude rose 78 cents to $60.97 per barrel in electronic trading on the New York Mercantile Exchange. The contract advanced 48 cents on Tuesday to close at $60.18. Brent crude, the international price standard, gained 77 cents to $64.44 per barrel in London. It added 39 cents the pervious session to $63.67 a barrel.
The Associated Press contributed to this report.
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