Eyes on Goldman Sachs, JPMorgan earnings
U.S. stock futures were pointing to a muted start for Wall Street on Tuesday as Goldman Sachs (NYSE: GS) and JPMorgan (NYSE: JPM) prepare to kick off the second-quarter corporate earnings season.
Other notable results to watch today include PepsiCo (NASDAQ: PEP), First Republic Bank (NYSE: FRC) and Conagra Brands (NYSE: CAG).
As of 5:35 a.m. ET, futures tied to the blue-chip Dow were marked 17 points, or 0.05% lower to 34,858. The tech-heavy Nasdaq 100 futures indicated a gain of 45.37 points, or 0.31% to 14,914.62 while S&P 500 futures were flat.
On Monday, the Dow Jones Industrial Average finished 126.02 points, or 0.36% higher to 34,996.18.
The S&P 500 jumped 15.08 points, or 0.35% to 4,384.63 while the Nasdaq Composite gained 31.32 points, or 0.21% to 14,733.24.
June CPI data on tap
Meanwhile, today’s consumer price index data for June will be in focus as market participants gauge if Federal Reserve policymakers will begin to change their stance on inflation.
The data, due to be released at 8:30 a.m. ET, is expected to show CPI rose 4.9% in June from the same period last year, down from May’s gain of 5%. Excluding volatile items such as energy and food, economists estimate CPI likely rose 4% on a year-over-year basis.
The Federal Reserve has repeatedly stated that it views any inflation that occurs to be transitory and price increases will cool once pent-up demand runs its course.
Exela rallies another 7% premarket as Sgoco tumbles
Shares of Exela Technologies (NASDAQ: XELA) surged 7% in premarket trade Tuesday, extending Monday’s 19.24% gain, after the data provider Fintel said Exela and four other stocks are ripe for a near-term short squeeze.
As of this writing, Exela stock was up 26 cents, or 7.49% to $3.73 per share. The stock closed Monday’s regular session at $3.47, up 56 cents, or 19.24%.
Meanwhile, shares of Sgoco (NASDAQ: SGOC) were tumbling before the opening bell following massive gains on Monday.
Shares of the Hong Kong-based fintech company slumped 12.20% to $17.56 apiece in premarket trade. The stock ended the previous session up $10.21, or 104.29% to $20.00 a share.
