Stock futures pointed mostly higher Tuesday with earnings reports coming from the likes of Bank of America, Goldman Sachs, and Johnson & Johnson, and as China’s economy rebounded at a faster-than-expected pace in the first quarter.
These stocks were poised to make moves Tuesday:
Bank of America is scheduled to report first-quarter earnings before the stock market opens. Analysts surveyed by FactSet expect BofA to report earnings of 81 cents a share vs. 80 cents a year earlier. Like other banks, the company is forecast to see a surge in net interest income thanks to the Federal Reserve’s interest-rate hikes over the past year. The stock rose 0.8% in premarket trading.
Goldman Sachs also is expected to report first-quarter earnings before Wall Street opens for trading. The results from both Bank of America and Goldman will be scrutinized by investors for what they say about dynamics in the embattled banking sector as well as the health of the wider U.S. economy. Goldman Sachs was up 1.1%.
Johnson & Johnson also will report quarterly earnings before the opening bell. Ahead of the report, which could bring news about Kenvue, the soon-to-be split off consumer health division, and on talc litigation, the stock rose slightly.
Lockheed Martin and Bank of New York Mellon (BK) also are scheduled to report earnings before trading begins Tuesday.
Netflix remains the clear leader in the streaming video market. But Netflix has been struggling to show meaningful growth. Wall Street will get an update from Netflix when it reports first-quarter earnings after the stock market closes. Netflix was up 0.6%.
United Airlines reports first-quarter earnings after Wall Street closes Tuesday. United’s reports follows last week’s update from fellow carrier Delta Air Lines (DAL), which reported first-quarter adjusted earnings that missed analysts’ estimates but said its outlook for the second quarter was “strong.”
American depositary receipts of Ericsson fell 4% in premarket trading after the Swedish telecommunications company said it expects the operating environment in 2023 to remain “choppy” this year following first-quarter earnings that fell from a year earlier.
J.B. Hunt Transport Services reported first-quarter earnings that missed Wall Street estimates as revenue declined 7% on weaker freight volumes.