Markets ‘don’t care’ about flat, low earnings projection: UBS managing director
UBS managing director and senior portfolio manager Jason Katz discusses his outlook for earnings projections for the end of 2019 and the future of the markets.
U.S. equity futures are pointing to a small decline ahead of bank earnings and this week's signing of a trade deal.
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The major futures indexes are indicating a slide of 0.2 percent.
Wall Street is gearing up for a busy opening week of corporate earnings being kicked off by major banks. JPMorgan Chase, Wells Fargo and Citigroup will report fourth-quarter earnings on Tuesday.
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Monday's rally on Wall Street added to gains from last week driven by an easing of tension between the U.S. and Iran. Investors are now looking ahead to the signing of an initial trade deal between Washington and Beijing and the potential for future talks.
U.S.-CHINA PHASE ONE TRADE DEAL: 7 THINGS YOU NEED TO KNOW
The world’s largest economies are expected to sign a so-called “Phase 1” trade agreement on Wednesday. It is being viewed as an opening to future negotiations that will deal with more complicated trade issues.
|I:DJI||DOW JONES AVERAGES||28907.05||+83.28||+0.29%|
|I:COMP||NASDAQ COMPOSITE INDEX||9273.93215||+95.07||+1.04%|
On Monday, the S&P 500 index rose 0.7 percent to 3,288.13. The Nasdaq composite climbed 1 percent to 9,273.93. The S&P and Nasdaq previously set new highs last Thursday.
The Dow Jones Industrial Average gained 0.3 percent to 28,907.05.
Asian shares followed Wall Street higher on Tuesday amid optimism that a trade deal between the U.S. and China will be a boon for the regional economy.
Japan's Nikkei rose 0.7 percent, Hong Kong's Hang Seng edged up 0.2 percent and China's Shanghai Composite was up nearly 0.3 percent.
In Europe, London's FTSE slipped 0.1 percent, Germany's DAX was lower by 0.2 percent and France's CAC declined 0.4 percent.
The promise of the trade deal between the U.S. and China has helped lift markets in recent weeks, easing investors’ concerns of further escalation in the costly conflict.
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Wall Street will also have several economic reports to consider this week, including government reports on consumer prices, retail sales and home construction.
The Associated Press contributed to this article.
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