AI Momentum and Earnings Lift US Futures

US index futures are advancing strongly for a second straight session, led by AI-related stocks and a positive response to corporate earnings. Markets continue to navigate a stagflationary environment following disappointing European Manufacturing PMI reports yesterday. US data was mixed, with Manufacturing PMI exceeding expectations, Construction Spending disappointing, and the prices paid component pointing to growing inflation pressures.

Caterpillar shares are up 11.4% in premarket trading after the company exceeded Street earnings expectations, reporting $8.17 per share compared with the Street estimate of $6.20. Palantir, McDonald’s, Merck, and Pfizer are also advancing following positive earnings reports.

NASDAQ futures are up 1.0%, building on Monday’s 2.1% rally, while Dow futures are up 1.1% following a 1.3% gain yesterday.

Asian markets were mixed overnight, with the Nikkei rising 0.3% and the Hang Seng declining 0.6%. European markets are advancing, with the DAX up 0.7% and the FTSE gaining 0.4%.

Crude Oil is down 3.4%, trading near $77.50/bbl, Brent Crude is down 2.7% near $80.00/bbl, and Gasoline has declined 3.1%, falling below $2.90/gallon. Gold is up 0.8% near $4,125/oz, Copper has gained 1.6% near $6.65/lb, and Silver is up 3.6%.

The US 10-year Treasury note yield has slipped back toward 4.65%, while the US 30-year Treasury note yield is consolidating recent gains above 5.20%. The US dollar is quiet today, with the Euro holding steady and the Loonie down 0.2%.

Canada Manufacturing PMI is due at 9:30 a.m. EDT, with the Street expecting a reading of 50.2, followed by US factory orders at 10:00 a.m., where the Street is anticipating an increase of 0.2%. SpaceX is scheduled to release its first earnings report as a public company after today’s close, alongside results from Advanced Micro Devices and Suncor Energy. Walt Disney, Thomson Reuters, Eli Lilly, CVS Health, and Shopify are scheduled to report tomorrow morning.

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