By Peter Nurse
Investing.com: US stocks to open higher on Tuesday, and investors to seek more fiscal stimulus while strong IBM (NYSE 🙂 earnings improved confidence about the current earnings season.
At 7:05 AM ET (1105 GMT), 21 points, or 0.7%, were higher, up to 76 points, or 0.7%. The contract rose 159 points, or 0.6%.
On Monday, it closed 0.8% higher, hitting positive territory by 2020. 2.5% added to hit a new record, while rising higher, fueled by higher hope that one or more vaccines will cure the available Covid-19 virus by the end of the year.
On Tuesday morning, European Union leaders finally agreed on a € 750bn ($ 860bn) coronavirus rescue fund, aimed at boosting the region’s economic recovery, after protracted negotiations over four days.
This refocuses attention on US policymakers, with Congress set to debate a new coronavirus aid package this week, with the goal of finalizing legislation on household aid and trade protections in the coming years. weeks.
There are still differences between the two sides about the size of the deal, as well as what is included in it, but the pressure continues with a series of measures previously introduced to support the workforce that will end later this month.
The second-quarter earnings season continues on Tuesday, with names known as Texas Instruments (NASDAQ 🙂 and Lockheed Martin (NYSE 🙂 due to the report.
The market is expected to receive a boost from IBM’s earnings, released Monday night, after the tech giant beat second-quarter earnings estimates, indicating demand for its computing business in the cloud.
Soft drink giant Coca-Cola (NYSE 🙂 also reported Tuesday, with its profit falling 33% in the second quarter. The company gave no further guidance than saying it expects the second quarter to be the worst of the year.
The US economic data list is silent on Tuesday, with the release of the only significant factor. This week’s main focus will be the weekly launch on Thursday due to renewed economic closings in California, Florida and Texas.
Oil prices rose on Tuesday out of general optimism, rising more than $ 44 a barrel for the first time since March 6, when the oil price war between Saudi Arabia and Russia began.
The American Petroleum Institute’s weekly report on US oil reserves will be released later in the session.
At 7:05 am ET, futures were trading 2.8% higher at $ 42.06 per barrel, while Brent rose 2.9% to $ 44.55.
Elsewhere, it fell 0.5% to $ 1,826.95 / oz, while it traded at 1.1435, 0.1%.
