© Reuters. File photo: On July 19, 2021, street signs on Wall Street can be seen outside the New York Stock Exchange (NYSE) in New York City, USA. REUTERS/Andrew Kelly
By Sagarika Jaisinghani
(Reuters)-Wall Street is set to rise on Tuesday as an upbeat corporate earnings season and increased global trading activity have boosted demand for risky stocks, although concerns about the surge in the delta variant of the coronavirus have limited gains.
After the industrial materials manufacturer raised its full-year forecast for the second time, DuPont’s stock price rose 2.2% in premarket trading.
Refinitiv’s IBES data shows that the stronger-than-expected profit report has raised high forecasts for US companies’ second-quarter performance. The current estimate of earnings is an increase of about 90% from the 65.4% forecast in early July.
Nevertheless, the three major U.S. stock indexes still fell from historical highs because investors profited from the overvaluation of stocks, and concerns about slowing economic growth and rising Delta variants have hit market sentiment.
Rick said: “Due to the increase in COVID-19 cases and possible changes in taxation, investors are unwilling to sell at current levels, but are unwilling to commit to new capital. This may cause market transactions to be quite range-bound.” Meckler is New Jersey. Partner of Cherry Lane Investments in New Vernon.
China’s deepening regulatory crackdown has also made the global technology industry uneasy. After a Chinese official media called online games “spiritual opium”, China’s Tencent Holdings (OTC:) Ltd plummeted 10% in Asia.
The share prices of US-listed gaming companies, including Activision Blizzard (NASDAQ:) and Take-Two (NASDAQ:) Interactive Software, fell slightly at 08:23 AM Eastern Time.
It rose 95 points, or 0.27%, 9.75 points, or 0.22%, and 20.75 points, or 0.14%.
After weaker-than-expected manufacturing data in the previous trading day pushed it to its lowest level since July 20, bond yields held steady. Stocks of major US banks, which usually track bond yields, also rose slightly in early trading. [US/]
The focus on Tuesday will be on factory orders in June, and later this week, traders will focus on US service industry data and the July monthly employment report.
Among M&A-driven initiatives, Translate Bio (NASDAQ:) surged 29.4% after listing in France Sanofi (Nasdaq:) Agreed to acquire the American biotechnology company for $3.2 billion.
Industrial Company Cummins Corporation (NYSE:) rose 1.3% because it said it would explore the options of its divisions that produce filters, coolants and chemical products.
Under Armour Inc (NYSE:) rose 6.1% after raising its annual revenue forecast.
On the other hand, drug maker Eli Lilly (NYSE:) and Co fell 1.9% because it reported a 2% drop in quarterly profits.
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