Stocks Rise as Focus Turns To Earnings and Surveys

Stock markets around the world have been on the rise overnight and into this morning. US index futures are up 0.1%-0.3%, while overseas, the Dax is up 1.0%, the FTSE and Nikkei are up 0.3%, and the Hang Seng popped 1.9%. The US 10-year treasury note yield is holding steady near 4.65%.  

With tensions between Israel and Iran not worsening, some of the fear that gripped investors last week appears to be easing for now. US Crude Oil is down 0.9%, while in metals action, Gold is down 1.0%, Copper is down 1.6%, Silver is down 0.8% and Platinum is down 2.0%.  

In earnings news, steelmaker Nucor ($3.46 vs street $3.67, down 7.0% premarket) and airline JetBlue (weak Q2 guidance, down 10.1% premarket) missed earnings expectations and disappointed the street. General Motors ($2.62 vs street $2.15, raised guidance, up 5.3% premarket), Danaher ($1.92 vs street $1.72, up 6.7% premarket) UPS, and Pepsico all beat expectations.  In its first earnings report since the recent spinoff, GE Aerospace* beat the street ($0.82 vs street $0.65), raised guidance, and is up 4.8% premarket. After the close today, results are due from Visa, Tesla, Texas Instruments, and a number of other companies.  

Flash PMI survey data from overnight has been mixed. In Japan and Australia, flash Manufacturing PMI showed improvement and was better than expected. In Europe, flash Service PMI reports tended to come in above 50 in expansion territory and better than expected while flash Manufacturing PMI reports tended to come in below expectations and below 50 in contraction territory. US flash PMI reports are due at 9:45 am EDT, followed by New Home Sales at 10:00 am.

*Shares of GE Aerospace are held in portfolios managed by SIA Wealth Management.

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