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Stock futures are flat after S&P 500, Nasdaq Composite see fifth straight day of gains

U.S. inventory index futures had been flat throughout in a single day buying and selling on Tuesday, after the S&P 500 posted its fifth straight successful session as sturdy earnings numbers raise sentiment.

Futures contracts tied to the Dow Jones Industrial Common gained 19 factors. S&P 500 futures had been up 0.07%, whereas Nasdaq 100 futures had been flat.

The Dow superior almost 200 factors, or 0.56%, on Tuesday for its third optimistic session within the final 4 days. Johnson & Johnson had probably the most optimistic impression on the 30-stock benchmark, whereas Procter & Gamble was the most important drag.

The S&P 500 added 0.74%, whereas the Nasdaq Composite superior 0.71%. Each noticed their fifth straight day of good points, the longest every day successful streak since late August.

Netflix posted its hotly-anticipated third-quarter earnings report on Tuesday after the market closed, with the streaming large including 4.4 million subscribers in the course of the interval. Wall Avenue analysts had been anticipating 3.84 additions, in response to estimates from StreetAccount. The inventory initially ticked larger on the outcomes, earlier than giving again these good points and dipping into the purple throughout prolonged buying and selling.

United Airways additionally posted quarterly results after the bell on Tuesday, with the corporate beating analyst expectations on the highest and backside line amid an ongoing rebound in journey demand.

To this point buyers have largely cheered outcomes from the batch of third-quarter earnings which have hit the market for the reason that banks kicked issues off final week. Of the S&P 500 elements which have reported to date, 82% have topped expectations, in response to FactSet.

Nonetheless, Jeff Buchbinder, fairness strategist for LPL Monetary, stated buyers should not count on the beats that corporations posted as they emerged from the depths of the pandemic.

“We’ve used a lot of the superlatives we all know to explain company America’s beautiful performances over the previous two earnings seasons,” he stated. “We count on strong earnings good points in the course of the upcoming third-quarter earnings season, however upside surprises will likely be smaller. Sadly, we cannot want as many superlatives.”

Greater than 70 S&P 500 elements report earnings this week. On Wednesday Verizon, Biogen and Canadian Pacific Railway are on deck earlier than the opening bell. IBM, Tesla, CSX and Las Vegas Sands are among the many names set to report after the market closes.

Elsewhere available in the market, bitcoin was in concentrate on Tuesday because the cryptocurrency inched closer to its all-time excessive. The primary bitcoin-linked ETF — the ProShares Bitcoin Strategy ETF — started buying and selling on Tuesday, pushing the cryptocurrency to a session excessive of $64,350, in response to date from Coin Metrics, simply shy of its April 14 report of $64,899.

With shares’ Tuesday advance, the main averages are approaching their all-time highs. The Dow is 0.49% under its report, whereas the S&P and Nasdaq Composite sit 0.58% and 1.78% under their highwater marks.

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