Futures contracts linked to the Dow Jones Industrial Average gained 19 points. S&P 500 futures were up 0.07%, while Nasdaq 100 futures were flat.
The Dow Jones advanced nearly 200 points, or 0.56%, on Tuesday for its third positive session in the past four days. Johnson & Johnson had the most positive impact on the 30-stock benchmark, while Procter & Gamble was the biggest drag.
The S&P 500 added 0.74%, while the Nasdaq Composite rose 0.71%. The two enjoyed their fifth straight winning day, the longest streak of daily wins since late August.
Netflix released its much-anticipated third quarter earnings report on Tuesday after the market closed, with the streaming giant adding 4.4 million subscribers during the period. Wall Street analysts were expecting 3.84 additions, according to StreetAccount estimates. The stock initially rose based on results, before returning those gains and dipping into the red during extended trading.
United Airlines also released quarterly results after the bell on Tuesday, as the company beat analysts’ expectations for a bottom line amid a continued rebound in travel demand.
So far, investors have widely applauded the results of the bundle of third-quarter earnings that have hit the market since banks launched things last week. Of the S&P 500 components that have been released so far, 82% have exceeded expectations, according to FactSet.
However, Jeff Buchbinder, equity strategist for LPL Financial, said investors shouldn’t expect the beats displayed by companies as they emerge from the depths of the pandemic.
“We’ve used most of the superlatives we know to describe the amazing performance of US companies over the past two seasons of earnings,” he said. “We expect strong earnings gains in the upcoming third quarter earnings season, but the upside surprises will be less significant. Unfortunately, we won’t need so many superlatives. “
More than 70 components of the S&P 500 are reporting profit this week. On Wednesday, Verizon, Biogen and the Canadian Pacific Railway are on the deck before the opening bell. IBM, Tesla, CSX and Las Vegas Sands are among the names expected to report after the market closes.
Elsewhere in the market, bitcoin was the center of attention on Tuesday as the cryptocurrency neared its all-time high. The first bitcoin-linked ETF – the ProShares Bitcoin Strategy ETF – began trading on Tuesday, pushing the cryptocurrency to a high of $ 64,350, according to the Coin Metrics date, just below its April 14 high. $ 64,899.
With stocks rising on Tuesday, major averages are approaching their all-time highs. The Dow Jones is 0.49% below its all-time high, while the S&P and Nasdaq Composite are 0.58% and 1.78% below their highs.
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