FX.co ★ U.S. Stocks May See Further Upside On Upbeat Earnings News

Stock markets are set to continue their upward trajectory following significant gains in the last two trading sessions. Early indications suggest that not only the S&P 500 but also other major indexes are likely to open positively, with S&P futures up by 0.3 percent in early trading.

This upward trend is being fueled by strong positive reactions to the latest corporate earnings reports. This follows a period of substantial weakness experienced last week, and the subsequent rebound is welcome news for Wall Street.

In the pre-market trading, Tesla shares have seen a significant increase of 11.4 percent, despite the quarterly results falling short of expectations. This rise was triggered by CEO Elon Musk's announcement of plans to begin production of an affordable model by early 2025.

Shares in Texas Instruments, a semiconductor company that exceeded both top and bottom line expectations in its first-quarter results, are also witnessing substantial pre-market gains. Other companies, like Visa, Boeing, and Mattel, which reported better-than-expected quarterly results, are anticipated to experience an upward trend.

Recent economic data releases have also positively influenced the markets. The latest report from the U.S. Commerce Department revealed that new orders for U.S.-manufactured durable goods surged higher than predicted in March.

Tech shares extended their gains from the previous session, driven by favorable earnings updates and slightly eased concerns over interest rates outlook.

Stock markets in Asia-Pacific followed suit, with the Japanese Nikkei 225 and China's Shanghai Composite up by 2.4 percent and 0.8 percent, respectively. European markets also opened stronger.

Crude oil futures slid to $83 a barrel after a notable surge on Tuesday. Gold is also trading at a slightly lower price compared to its previous closing value.

In terms of foreign exchange, the U.S. dollar is trading at slightly higher yen value compared to the New York closing rate on Tuesday. Against the euro, however, the dollar has seen a slight dip.