Wall Street Close: Challenges to stimulus, Tesla earnings offer mixed start to the key week

  • Markets turn cautious on concerns fresh US consensus may raise hardships for further stimulus.
  • US Durable Goods Orders reversed previous contraction in March, slipped below forecast.
  • Tesla marked revenue miss, solid EPS, OTIS and American Express also flashed mixed earnings.
  • Results of Alphabet, Microsoft can join second-tier US data to entertain markets ahead of the key Fed.

Wall Street benchmarks fail to keep the upbeat start as hopes of further stimulus linger ahead of the key Fed and earnings.

Nasdaq 100 became the day’s winner, up 0.87% or 121.97 points to 14,138.78, after Apple unveiled a five-year plan signing more US investments. S&P 500 Futures also benefited from mostly upbeat earnings, up 0.22% or 9.13 points to 4,189.30. However, Dow Jones Industrial Average (DJI30) bucked the trend with a 0.18% loss, or 61.92 points, by the end of Monday’s North American trading session.

The latest US Consensus, suggesting more seats in favor of Republicans, joins the US Chamber of Commerce’s rejection of the tax hike proposal to test the bulls. Even so, faster jabbing and globally helps India, as it battles the covid storm, keep the bears away.

Meanwhile, Tesla’s revenue missed the market forecast despite posting upbeat EPS of $0.93. Further, OTIS raised the 2021 outlook with higher Q1 earnings whereas American Express (AXP) registered below consensus revenues.

US Durable Goods Orders came in below the market consensus of +2.5% but crossed upwardly revised prior of -0.9% with +0.5% in March.

Moving on, US House Price Index and Richmond Fed Manufacturing Index, for February and April respectively, will decorate the economic calendar whereas earnings of Alphabet and Google will be the key to watch on Tuesday. Above all, the Fed’s decision on Wednesday and earnings of Facebook, Amazon and Apple should be crucial to follow, not to forget the challenges to US stimulus and global covid conditions, for fresh impulse.

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