Stock market snapshot as of [1/5/2019 2:40 PM]
- With few exceptions, European stock markets are closed for labour holidays though participants remain interested enough to bid futures firmly higher
- Investors here are partly responding to another stellar set of U.S. technology sector earnings
- A huge beat by ADP’s unofficial curtain-raiser before Friday’s U.S. payrolls—275,000 when 175,000 were forecast—is another positive for markets to look forward to when they return on Thursday
- Wall Street is getting a similar boost, with Apple helping Nasdaq indices recover from Alphabet-induced declines, and the Dow to narrow the lag to the broader market’s gains
- The main event ahead is the Federal Reserve’s policy statement and press conference. Markets clearly expect the Fed to remain ‘patient’. This would maintain a benign back drop for risk appetite
- Apple’s surprise projection of a muscular rebound in third quarter revenues is in focus, particularly after Q2 sales and profits also beat Wall Street’s view
- With Apple shares rising sharply, despite a more than 40% ascent into Tuesday’s close, investors appear to be anticipating signs of a stabilisation in iPhone sales
- Earnings beats from Big Pharma groups Merck and Pfizer help repair Dow Jones Industrial Average underpinnings and of the 'value' side of the street in general
Upcoming corporate highlights
AMC: after market close
Upcoming economic highlights
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