International stock indexes rose and U.S. futures were up Wednesday for the third day in a row, suggesting that the market rally may continue.
On Tuesday, all three major U.S. indexes closed higher, with the Dow Jones rising 0.7 percent, the S&P 500 up 1.2 percent and the tech-dominated Nasdaq gaining 1.6 percent.
Tesla shares were up more than 10 percent in pre-market trading. On Tuesday, the world’s most valuable carmaker reported a 55 percent Q1 profit plunge, though CEO Elon Musk said the EV manufacturer would speed up production of more affordable vehicles.
Tesla was the first of the so-called Magnificent Seven companies to report earnings this week. All eyes are on Facebook and Instagram parent Meta Platforms now, which will report later Wednesday. Mark Zuckerberg’s technology behemoth has seen its stock rise nearly 45 percent year-to-date amid a growing frenzy for stocks related to artificial intelligence. Meta recently unveiled the latest version of its large language model. Fellow Big Tech companies Microsoft and Google parent Alphabet report later in the week.
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Boeing stock was up more than 3 percent pre-market after the aircraft manufacturer reported better-than-expected results before the bell. It has been a rocky few months for the company, following a midair incident in an Alaska Airlines plane, whistleblowers voicing safety concerns, and the CEO announcing he would step down.
AT&T shares were also up more than 3 percent pre-market on the back of strong results, which included increased mobility service and consumer broadband revenues.
Gold and oil prices are down Wednesday, having slipped since geopolitical tensions last week have since eased.
After closing at $32.50 on Tuesday and adding about $1.2 billion to former President Donald Trump’s fortune, Truth Social was down nearly 5 percent pre-market.
Earnings highlights for the rest of the week:
- Thursday: Microsoft, Google parent Alphabet, AstraZeneca, Intel
- Friday: Exxon Mobil, Chevron
Investors are also watching a raft of economic data out this week that will give them clues as to the health and direction of the economy. On Tuesday, the latest housing data showed a surge in new homes for sale in March. And on Thursday, the latest weekly jobless claims will be published.
Uncommon Knowledge
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.
Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.