(MENAFN– ecpulse) U.S. markets seem in a distinguishable positive mood on Wednesday, buoyed by a set of positive corporate results and better than expected Chinese growth data.
U.S. stock futures were moving higher early Wednesday, with investors awaiting updates on housing start and building permits, giving insight into the health of the U.S. housing market.
-Futures on the Dow Jones Industrial Average gained 0.432% to 16275
-Futures on the S&P 500 Index gained 0.467% to 1848.20
-Futures on the NASDAQ 100 gained 0.559% to 3510.75 . As if 07:07 a.m. ET
China’s economy grew 7.4% in the first quarter from the year before, although it is a slowdown compared to the previous quarter, it was still better than estimated.
Earnings season is in full throttle today, with Google, IBM, and American Express all reporting in the afternoon. Bank of America and PNC will be among banks to report in the morning.
Yahoo gained 7.8% in premarket trading after the company posted earnings and sales that came in slightly ahead of expectations.
Credit Suisse released quarterly results showing profit dropped by 34% compared to last year. Investors were unimpressed by the performance and shares fell by nearly 2% in Zurich.
Aside from earnings, Chinese internet mammoth Weibo is expected to price its own initial public offering after the closing bell today.
The social media giant, often referred to as China’s Twitter, is expected to sell around $380 million in stock, putting its value at about $4 billion.
Federal Reserve Chairman Janet Yellen is set to speak at the Economic Club of New York. The central bank will also release its latest Beige Book, a survey of economic conditions at 02:00 p.m. ET. Note that the prior Beige Book, note how the cold winter hit the economy.
U.S. stock markets finished higher yesterday, with the Dow Jones Industrial Average closing higher for the fifth straight session.
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