GE and Citigroup posted better than expected earnings which keeps the positive theme going for financials could send stocks higher today.
What To Watch For In The US Session
• Citigroup and GE Post Positive Earnings Results
• JP Morgan Reports Better Than Expected Earnings
• University Of Michigan Consumer Confidence On Tap
Citigroup and GE Positive Earnings Results Could Add To Prevailing Bullish Sentiment
GE and Citigroup posted better than expected earnings which keeps the positive theme going for financials could send stocks higher today. Citigroup reported a loss of $0.18 per share versus expectations of $0.34 as first-quarter net income was $1.6 billion. The results were a significant improvement from the loss of $5.11 billion in the period a year earlier. The University of Michigan consumer confidence survey is expected to improve to 58.5 from 57.3 as optimism is growing on the back of the government’s efforts to stem the current crisis. Fed chairman Ben Bernanke is scheduled to speak in Washington D.C. today at the Fed conference and if the central bank leader adds to recent commonest that the economy is starting to see signs of stabilizing then we could see stocks find additional support.
Dow Jones 8125.43
The DJIA futures are pointing toward a higher open as the blue chip index looks to build upon yesterday’s 1% gain. GE and Citigroup’s results could send financials higher which have gain over 7% in the past two days.
NASDAQ 1670.44
The Nasdaq is seeing it futures dipping into negative territory as we may see profit taking today in the tech sector after the index hit a new yearly high. However, if we see strong bullish momentum for the broader market then the tech laden index could see a continuation of bullish momentum.
S&P 500 865.30
The broader index could receive a lift from an improvement in consumer confidence as it would be a positive sign for future domestic growth.
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