Wall Street Likely To Open On Mixed Note
Wall Street is likely to see a mixed start Tuesday morning with earnings updates and other corporate news setting the trend for stocks.
Movements are likely to be a bit range-bound as traders are unlikely to make big moves ahead of the Federal Reserve’s monetary policy announcement on Wednesday.
The Fed is likely to leave interest rates unchanged but could announce plans to begin scaling back its asset purchase program.
Rogers Corp. (ROG) reported third-quarter net income of $25.13 million or $1.33 per share, up from $7.01 million or $0.37 per share a year ago. The company also announced that it has signed an agreement with DuPont De Nemours & Co. as per which DuPont will acquire Rogers for $277 per share in cash. Rogers shares are up more than 30 percent in pre-market activity.
Ametek Inc. (AME) reported third-quarter earnings of $257.46 million, or $1.10 per share, compared with $204.58 million, or $0.88 per share, in last year’s third quarter.
Boeing Co. (BA) announced Tuesday that logistics and shipping company A.P. Moller – Maersk has placed an order for two 777 Freighters.
Rivian Automotive, the electric van and truck maker, is looking to come up with one of the world’s biggest ever IPOs. The company looks to raise up to $8.4 billion, targeting a valuation of around $53 billion. Amazon and Ford Motor’s stakes in Rivian stand at 20% and 5%, respectively.
Stocks turned in a relatively lackluster performance during trading on Monday on Wall Street, but managed to end the session modestly higher, lifting the major averages to new record closing highs.
Despite fairly upbeat quarterly earnings from big name companies, the mood was a bit cautious as traders looked ahead to the Federal Reserve’s monetary policy announcement on Wednesday.
The Dow rose 94.28 points or 0.3 percent to 35,913.84, the Nasdaq climbed 97.52 points or 0.6 percent to 15,595.92 and the S&P 500 edged up 8.29 points or 0.2 percent to 4,613.67.
Asian stocks ended broadly lower on Tuesday as traders digested the latest coronavirus curbs in China and awaited key central bank decisions for clues on whether they could consider tightening monetary policy earlier than thought.
European stocks are turning in a mixed performance with investors digesting weak data from the region and looking ahead to the policy meetings of the Federal Reserve and the Bank of England.
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