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Futures tick higher on positive retail earnings -Breaking


© Reuters. FILE PHOTO – People pass the New York Stock Exchange in Manhattan, New York City (USA), August 9, 2021. REUTERS/Andrew Kelly

By Ambar Warrick

(Reuters] – U.S. stocks index futures edged higher Tuesday after a positive earnings prediction from Walmart (NYSE 🙂 increased optimism over consumer spend ahead of key retail data later in today.

Walmart stock shares rose 1.9% premarket trading, after the largest brick-and–mortar retailer in the United States increased its annual sales estimates and profit forecasts. The move was based on the expected surge demand during the holiday season.

Retailer Home Depot Inc (NYSE 🙂 rose after exceeding quarterly comparable-store sales estimates. The strong demand for materials and tools from contractors and handymen who work on housing projects helped to drive the company’s stock price higher.

Wall Street indexes were flat at the end of Monday, as inflation concerns drove up Treasury yields. This weighed down on major technology firms.

Investors are also worried about President Joe Biden’s choice for Federal Reserve Chair, as current Chair Jerome Powell will be retiring in February 2022.

Wall Street indexes have traded mixed these days because of rising inflation and concerns about slowing growth. Major Wall Street banks’ analysts are also less optimistic about the prospects for 2022.

However, a Bank of America Survey (NYSE) revealed that many investors want to see 2021 as a year of high risk.

The markets were awaiting October retail sales data at 8:30 AM. ET (1330 GMT) to assess the impact of inflation on consumer spending. Also, industrial production data is due at 9 :15 a.m. ET (1415 GMT).

7.07 AM ET ET was up by 71 points or 0.2%. were up 3.75 point, or 0.088% and were up 8.25 point, or 0.05%.

U.S.-listed Chinese shares rose due to optimism regarding talks between President Biden Xi Jinping.

Tesla Inc (NASDAQ) fell 0.4% on Tuesday after Elon Musk, CEO of Tesla Electric Cars sold 930 million shares in order to pay taxes related to exercised stock options.

Musk conducted a Twitter poll (NYSE:) asking users for their opinions on selling 10% of his stock. The stock lost almost 13%. The sale was supported by the majority of users. JPMorgan Chase & Co (NYSE:) also sued Tesla for $162.2 million over a breach of contract related to stock warrants.

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