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Wall Street Likely To Open On Positive Note

wallstreet july26 10feb21 lt

Futures point to a positive start on Wall Street Wednesday morning. Quarterly earnings announcements and data on consumer price inflation are likely to set the trend for the market.

Data on consumer prices for the month of January is due out at 8:30 AM ET. According to forecasts, prices may have increased by 0.3 percent on month.

Investors will also be eyeing Fed chairman Jerome Powell's speech Economic Club of New York about the state of the U.S. economy, due later in the day.

Updates on stimulus plan, coronavirus vaccination and Donald Trump impeachment are the other factors that could set the trend for the market.

On the earnings front, The Coca-Cola Company (KO) announced that its bottomline totaled $1.46 billion, or $0.34 per share in the fourth quarter, compared with $2.04 billion, or $0.47 per share, a year ago. Excluding items, company reported adjusted earnings of $2.02 billion or $0.47 per share for the period.

General Motors (GM) reported earnings of $2.80 billion for the fourth quarter, compared to a loss of $0.23 billion in the year-ago quarter. Earnings per share came in at $1.93 in the fourth quarter, as against a loss of $0.16 a year ago.

U.S. stocks ended mixed on Tuesday after a lackluster session as traders appeared a bit reluctant to make significant moves after recent strong upmove that saw the major averages climbing to record highs.

The Dow edged down 9.93 points or less than a tenth of a percent to 31,375.83 and the S&P 500 slipped 4.36 points or 0.1 percent to 3,911.23, while the Nasdaq crept up 20.06 points or 0.1 percent to 14,007.70.

In overseas trading, Asian stocks ended higher on Wednesday as optimism about more fiscal stimulus and falling coronavirus infections rates helped to underpin investor sentiment to some extent.

European stocks are turning in a mixed performance amid lackluster moves by investors who are tracking a earnings announcements from several top name companies, including Societe Generale and Thyssenkrupp.

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