Wall Street Set To Report Positive

Initial cues from the U.S. Futures Index suggest that Wall Street might open all positive. Pfizer reported a turnaround to profit in the fourth quarter. The markets might be reacting to earnings reports by major companies.

Asian shares were up at closing, while European shares are trading positive.

As of 7.30 am ET, the Dow futures were adding 248.00 points, the S&P 500 futures were up 32.00 points and the Nasdaq 100 futures were gaining 107.75 points.

The U.S. major Indices finished higher on Monday. The Nasdaq soared 332.70 points or 2.6 percent to 13,403.39 and the S&P 500 jumped 59.62 points or 1.6 percent to 3,773.86. The Dow underperformed its broader counterparts but still ended the day up 229.29 points or 0.8 percent at 30,211.91.

On the economic front, the Redbook data, a weekly measure of comparable store sales at chain stores, discounters, and department stores, will be issued at 8.55 am ET. In the prior week, the Store Sales were up 3.9 percent.

The 8-week Treasury bill auction will be held at 11.00 am ET.

Dallas Federal Reserve Bank President Robert Kaplan will participate in a virtual moderated question-and-answer session hosted by the Association for Corporate Growth at 1.00 pm ET.

New York Federal Reserve Bank President John Williams will moderate a virtual conversation organized by the Economic Club of New York at 2.00 pm ET.

Cleveland Federal Reserve Bank President Loretta Mester will give opening remarks before virtual “Uneven Outcomes in the Labor Market: Understanding Trends and Identifying Solutions” event hosted by the Federal Reserve Board of Governors and the Federal Reserve Banks of Atlanta, Boston, Cleveland, and Philadelphia at 2.00 pm ET.

In the corporate sector, Pfizer Inc. reported fourth quarter earnings of $594 million or $0.10 per share in compared to loss of $337 million or $0.06 per share in the same period last year.

Excluding items, Pfizer Inc. reported adjusted earnings of $2.37 billion or $0.42 per share for the period.

Revenue for the quarter was $11.68 billion, while it was $10.45 billion in the same period last year.

Asian stocks ended higher on Tuesday. Chinese shares ended notably higher. The benchmark Shanghai Composite index rose 28.40 points, or 0.81 percent, to 3,533.68, while Hong Kong’s Hang Seng index ended up 355.84 points, or 1.23 percent, at 29,248.70.

Japanese shares extended gains from the previous session on optimism around U.S. stimulus plans and hopes for robust earnings. The Nikkei average ended up 271.12 points, or 0.97 percent, at 28,362.17. The broader Topix index closed 0.94 percent higher at 1,847.02.

Australian markets rallied on Tuesday. The benchmark S&P/ASX 200 index climbed 99.60 points, or 1.49 percent, to 6,762.60 while the broader All Ordinaries index ended up 104.70 points, or 1.51 percent, at 7,027.50.

European shares are trading higher. Among the major indexes in the region, the German DAX is gaining 159.61 points or 1.16 percent, the U.K. FTSE 100 Index is adding 30.17 points or 0.46 percent.

The Swiss Market Index is progressing 66.86 points or 0.62 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is up 1.38 percent.

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