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S&P 500 futures are currently trading at 3001.30- lower by 0.14% as compared to the previous close. The index Futures, however, closed in positive territory in the last trading session.
In the cash markets, the benchmark index edged down 0.056% to 3,002.22 at the time of writing.
U.S. equities opened higher today as better-than-expected companies’ earnings from Tesla and Microsoft lifted trader sentiment.
Microsoft rose 1.93% after the tech-giant posted earnings that topped the market expectation. The company’s strong quarterly performance was driven in part by its cloud business Azure.
Dow Inc. gained 5.1% after its quarterly profit topped market expectations.
Stocks of PayPal Holdings surged 9.2% after its third-quarter results beat market expectations.
On the other hand, index-member 3M fell 4.3% after the company reported quarterly revenue below the consensus estimates before the market opened today. The maker of Post-it notes, Scotch tape and other industrial products also lowered its full-year profit forecast.
According to FactSet, so far more than 31% of the index’s companies have reported their quarterly earnings. Of those, around 80% of them posted results that topped market expectations.
Index-components Visa, Intel and Amazon are among the companies scheduled to report their earnings after the market close today.
On the economic front, Initial Jobless Claims released earlier today fell to 212K in the week ended 19th October from 218K in the week prior. Claims figure was also below the consensus estimates of 216K.
In addition, Core Durable Goods Orders (MoM) for September also out earlier today came in at -0.3%. Orders were below the market expectation of a fall of 0.2%.
On the technical front, the RSI is currently at 56.27% and suggests that the market can move in the downward direction. The current price is above the MA5. The current price is above the middle line of the Bollinger bands but is heading downwards.
Overall Bias is Negative and short-term trades can be initiated with tight Stop Loss and Take Profit targets.
Trade Suggestion-Limit Sell At 3005, Take Profit At 2991 Stop Loss At 3012