Stock futures tilt lower
U.S. stocks were set to open slightly lower on Tuesday despite a slew of strong corporate earnings and economic data that suggested economy is bouncing back.
According to data compiled by FactSet, nearly 60% of companies in the S&P 500 have topped analysts’ profit expectations with the earnings season more than halfway over.
By 5:20 a.m. ET, futures tied to the blue-chip Dow gave away 31.5 points, or 0.09% to 33,976.5. S&P 500 futures fell 8.63 points, or 0.21% to 4,177.12 while the tech-heavy Nasdaq 100 futures were down 50.12 points, or 0.36% to 13,739.88.
Eyes on Lyft, T-Mobile, and Pfizer earnings
Analysts expect Lyft to report first-quarter loss of 53 cents per share and revenue of $558.70 million after the closing bell.
T-Mobile is seen posting quarterly earnings of 57 cents per share and revenue of $18.92 billion.
Drugmaker Pfizer (NYSE: PFE) is expected to come out with earnings of 78 cents per share on revenue of $13.60 billion ahead of the market open.
Crude jumps ahead of API data
On the commodities front, crude futures moved higher early Tuesday as the American Petroleum Institute prepared to publish its weekly stockpile data later in the day.
Traders are still hopeful that the lifting of most coronavirus-related restrictions on social life and businesses in places such as Connecticut, New Jersey and New York could lift oil demand.
By 5:20 a.m. ET, U.S. West Texas Intermediate (WTI) crude futures gained 88 cents, or 1.36% to $65.37 a barrel. International Brent crude futures rose 97 cents, or 1.44% to $68.53 a barrel.
Microsoft co-founder Bill Gates and wife Melinda are divorcing
In other news, Microsoft (NASDAQ: MSFT) founder Bill Gates and his wife Melinda have announced they are divorcing after 27 years of marriage, saying they could no longer “grow together.”
Gates tweeted on Monday afternoon that he and Melinda chose to end their marriage after a “great deal of thought and work” and that they were entering the “next phase” of their lives.
Gates also revealed that the couple will continue to work together at the at their namesake philanthropic foundation but did not provide any specific relating to the dissolving of their marriage.
According to FactSet data, Gates’s personal Microsoft holdings are valued at roughly $26 billion.