After one of the biggest routs in quite some time, Wall Street looks set to open higher on Tuesday. Fueled by earnings and subsiding coronavirus fears, S&P Futures seem to be pointing to a green open.
The total confirmed dead from the coronavirus increased overnight to 106. In addition, the number of confirmed cases in China jumped to over 4,500. In light of this, China’s central bank said on Tuesday that it will direct capital toward the banking system to keep liquidity in order.
US Markets Try To Recover
The S&P 500 dropped 1.6% with the Dow dropping 1.6%. These declines were the largest since October. Furthermore, the Nasdaq Composite tumbled nearly 2% as tech got hit by global economic concerns stemming from the virus. But today is a different story as Apple earnings are in focus.
Many analysts are looking to see how Apple performed after its first full quarter of streaming services were made available. Disney and Netflix have both been vying for position among streaming companies, while Comcast and others begin to roll out their own versions of a service.
As far as the outlook is concerned, Apple also plans on building upon its smartphone business. In a statement on Tuesday, the tech giant said it plans to ship around 80 million iPhones between January and June of 2020. According to Nikkei, Apple requested that its suppliers boost production to meet this goal. 80 million iPhones is a 10% jump from previous output during the same period last year.
But Apple isn’t the only company set to report earnings. Xerox reported declining revenue for the quarter. However, its rising net income on lower sales may be of interest to some. Despite the company coming in mixed, they bested forecasts. Furthermore, its 2020 guidance was above Wall Street analysts’ views. Other companies like 3M missed expectations after posting a lower earnings per share figure than initially expected.
United Technologies also reported its earnings with EPS coming in at $1.94 above the $1.84 expectation. On the other hand, Pfizer came out with disappointing earnings with EPS coming in short of the $0.58 that was expected. After the close, we’ll see Whirlpool report its earnings while other things like oil and gas will also be in focus after the closing bell on Tuesday.