Expect market ‘fireworks’ in weeks ahead: Expert
Kaltbaum Capital Management President Gary Kaltbaum, Money Map Press chief strategist Shah Gilani and Hennion & Walsh Asset Management CIO Kevin Mahn share their insights on today’s markets.
U.S. stock futures inched higher Tuesday morning as President Biden’s massive spending plan faced doubts in both chambers of Congress.
A House vote on Biden’s $3.5 trillion human infrastructure package was delayed Monday after nine moderate Democrats opposed Speaker Nancy Pelosi’s plan to vote on a measure that would advance the bill before taking up the $1 trillion bipartisan infrastructure bill.
Pelosi, D-Calif., has said she would not bring the bipartisan bill, which was approved by the Senate, up for vote until the $3.5 trillion package was passed by the House. Progressive Democrats say they will only support the $1 trillion infrastructure bill if the larger spending plan is passed.
This as Sen. Kyrsten Sinema, D-Ariz., said Monday evening that she would not support the $3.5 trillion package that Majority Leader Chuck Schumer of New York hopes to pass via budget reconciliation, which would require all 50 Democrats to approve the measure without a single Republican vote.
Dow Jones Industrial Average futures advanced 57 points, or 0.16%, while S&P 500 futures rose 0.17% and Nasdaq 100 futures climbed 0.3%.
In stocks, mega-cap tech stocks, including Apple Inc., Microsoft Inc. and Amazon Inc., were in the spotlight after powering the Nasdaq to a record high Monday.
Ford Motor Co. doubled the production target for its F-150 Lightning pickup truck due to strong early demand for the all-electric vehicle, Reuters reports, citing people and suppliers familiar with the matter.
Best Buy Inc. beat on both the top and bottom lines and raised its annual sales forecast as consumers make upgrades to their at-home offices.
Advance Auto Parts Inc. reported mixed quarterly results as higher wage and delivery costs impacted its bottom line. The auto parts retailer raised its sales guidance for the current fiscal year.
Department Store Nordstrom Inc. and homebuilder Toll Brothers are among the companies scheduled to report their quarterly results after Tuesday’s closing bell.
Elsewhere, oil majors Exxon Mobil Corp. and Chevron Corp. battled higher as oil prices saw strong gains for a second straight session with West Texas Intermediate crude oil jumping $1.20 to $66.84 a barrel.
U.S.-listed Chinese companies, including JD.com Inc., Alibaba Group Holding Ltd. and Baidu Inc., surged after Beijing laid out the conditions that must be met by companies wanting to go public both at home and overseas. Such companies must abide by national laws and regulations and also ensure the security of the national network, critical information infrastructure and personal data.
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Overseas markets were mixed.
In Europe, Germany’s DAX 30 rallied 0.3% while Britain’s FTSE 100 and France’s CAC 40 declined 0.2% and 0.33%, respectively.
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