FX.co ★ Futures Pointing To Extended Rebound On Wall Street

Major U.S. index futures are indicating a higher open today following the market recovery seen in the previous trading session. Traders are presumed to stay bullish, eyeing stocks at lower prices influenced by optimistic responses to recent corporate earnings reports.

Auto giant General Motors (GM) is noting sharp increases in pre-market trading, following the release of its first-quarter results that surpassed analysts' predictions. Similarly, beverage company PepsiCo (PEP) is also expected to show strong performance after reporting better than expected results for the first quarter.

Conversely, shares of JetBlue (JBLU) are experiencing significant pre-market downturn. This is due to the airline's report of a smaller than expected loss in the first quarter, but it has reduced its 2024 revenue forecast. Delivery company UPS (UPS) may also experience a decrease after releasing its first-quarter earnings report, which showed better than expected earnings but disappointing sales.

Monday saw a climb in U.S. stocks, particularly in the technology sector, as traders capitalized on recent losses. Market sentiment was reinforced by easing tensions in the Middle East. This improvement came amid a reduction in fears of a large-scale Middle East conflict after measured counterattacks between Iran and Israel aimed to avoid casualties.

Investors are now anticipating numerous critical U.S. economic reports due this week, including data on new home sales, durable goods orders, and personal income and spending. The Federal Reserve's favored inflation readings are included in the Commerce Department's personal income and spending report.

Companies such as Tesla (TSLA), Boeing (BA), IBM (IBM), Caterpillar (CAT), Honeywell (HON), Alphabet (GOOGL), Intel (INTC), Microsoft (MSFT), Chevron (CVX) and Exxon Mobil (XOM) are set to release their quarterly results as the earnings season picks up this week.

Among others, Goldman Sachs and JPMorgan Chase rose by 3.3% and around 2% respectively, while Procter & Gamble saw a rise of 1.5%. Amazon, McDonald, Chevron, Amgen and Walmart also saw gains of 1% to 1.5%.

In terms of losses, Verizon dropped by 4.7%, despite maintaining its 2024 fiscal earnings outlook, as it reported weak profit and slightly increased revenues for the first quarter. Tesla also saw its shares decline by 3.4% due to concerns surrounding gross margins after the company reduced its prices in several markets.

In Commodity and Currency markets, crude oil and gold futures are declining whereas the dollar's value remains largely unchanged against yen and euro compared to New York's closing figures on Monday.

Asian stocks exhibited a mixed performance today as investors were keenly observing developments in the Middle East conflict and eagerly anticipating earnings results from U.S. giants like Amazon, Apple, Netflix and General Motors. Awaiting key economic data from U.S, investors are also gearing up for the Federal Open Market Committee meeting scheduled for April 30-May 1.

Chinese stocks took a hit following reports that the nation's central bank is pushing for an agreement among creditors on equitable sharing of bailout burdens for emerging market economies in debt restructurings.The Shanghai Composite Index fell by 0.7% to 3,021.98, while the Hang Seng index in Hong Kong rose sharply by 1.9% to 16,828.93, following an assurance from China's securities regulator that they would strengthen the market.

Japanese markets saw slight increases, with the yen recovering somewhat from a 34-year low and bond yields reaching multiple-year highs. This comes after a high-ranking party official suggested that the authorities might intervene to bolster the currency. The Nikkei 225 Index saw a rise of 0.3 percent to 37,552.16, in anticipation of the upcoming policy-setting meeting of the Bank of Japan later this week.

The Topix Index, a broader market indicator, ended 0.1 percent higher at 2,666.23. This follows news that Japan's manufacturing activity nearly entered into a phase of expansion in April. In contrast, the South Korean Kospi slightly decreased by 0.2 percent ending at 2,623.02 after a volatile trading session. LG Energy Solution and KB Financial Group's shares slipped and rose by 2.3 percent and around 1 percent respectively.

In Australia, major financial corporations helped elevate the market. The benchmark S&P ASX 200 Index climbed 0.5 percent to 7,683.50, while the broader All Ordinaries Index also rose 0.5 percent to 7,937.90. Despite forecasting a blow to its half-year profits, Westpac Banking Corp still saw a rise of 0.9 percent.

In Europe, several stock markets saw growth on Tuesday, bolstered by a survey that reported business activity in the eurozone is expanding at its fastest rate in nearly a year. This came after composite PMI data increased from 50.3 to 51.4 in April, driven by significant recovery in the service sector. The German DAX Index and the French CAC 40 Index rose by 0.9 percent and 0.3 percent respectively, while the FTSE 100 Index in the UK remained unchanged.

Swiss transport and logistics company, Kuehne + Nagel International, saw a decline of 2.6 percent following a 40 percent drop in its first-quarter earnings. Anglo American, a mining corporation, fell by 3.5 percent after reducing its anticipated diamond production.

In the US, the Commerce Department is set to release a report on housing sales for March, with economists predicting a rise to an annual rate of 668,000, compared to February's rate of 662,000. At the same time, the Treasury Department plans to announce the results of an auction of two-year notes valued at $69 billion.