Dow futures inch slightly higher Monday evening after historic plunge in oil; IBM shares set to fall after earnings

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

U.S. stock-index futures edged slightly higher, in lightly traded action, Monday evening, coming off a slump for stocks in the regular session, on the back of a historic crash in crude prices and expectations for the weakest year-over-year earnings since 2009. Futures for the Dow Jones Industrial Average YMM20, 0.37% were up 37 points, or 0.2%, at 23,519, those for the S&P 500 index ESM20, 0.50% picked up 6.75 points, or 0.2%, at 2,812.50, while Nasdaq-100 futures NQM20, 0.40% climbed 29 points, or 0.3%, at 8,721.50. The moves for the market came about two hours after Dow-component International Business Machines Corp. IBM, +0.24% reported after Monday’s close that revenue returned to a decline in the first quarter, amid the spread of COVID-19, even as Red Hat sales boosted its cloud business, and said it was pulling its annual forecast. The tech giant reported first-quarter net income of $1.18 billion, or $1.31 a share, compared with $1.59 billion, or $1.78 a share, in the year-ago period. Shares of the company were down more than 3% in after-hours trade. U.S. stocks finished near session lows in regular trade as investors watched oil futures CL.1, +104.67% crash, overshadowing optimism about plans for a staggered easing of global lockdowns in the wake of the COVID-19 pandemic. The Dow DJIA, -2.44% fell 592.05 points, or 2.4%, to 23,650.44. The S&P 500 index SPX, -1.78% declined 51.40 points, or 1.8%, to 2,823.16. The Nasdaq Composite Index COMP, -1.03% lost 89.41 points, or 1%, to 8,560.73. Results this year for the first-quarter are on track to decline 14.5% from a year ago, according to John Butters, senior earnings analyst at FactSet, which would mark the biggest decline since the 15.7% plunge in the third quarter of 2009.

Originally Published on MarketWatch

 

Home of Science
Follow me

- Advertisement -

Discover

Sponsor

Latest

Islington flower seller Tony Eastlake stabbed to deathon May 30, 2021 at 4:54 pm

Tony Eastlake, 55, was killed near the flower stall he had worked at since he was 14, his family say.image copyrightMet PoliceA flower seller...

Biden expands US investment ban on Chinese firmson June 3, 2021 at 8:41 pm

President Biden bars 59 firms with alleged China military ties from US investment.President Biden bars 59 firms with alleged China military ties from US...

New Alan Turing £50 note enters circulationon June 23, 2021 at 7:02 am

The old £50 and £20 banknotes will be withdrawn by October next year, the Bank of England says.The old £50 and £20 banknotes will...

French Open 2021: Rafael Nadal beats Diego Schwartzman in Parison June 9, 2021 at 4:39 pm

Defending champion Rafael Nadal reaches a record-extending 14th French Open semi-final after outlasting Argentina's Diego Schwartzman.Spanish third seed Nadal, who has won a record...

Somerton man: Body exhumed in bid to solve Australian mysteryon May 19, 2021 at 4:19 am

Investigators hope DNA advances will uncover clues about the identity of the body found in the 1940s.image copyrightSouth Australia PoliceThe body of a man...
Home of Science
Follow me