From the Wall Street Journal’s “Stock Futures Edge Up Ahead of Big Tech Earnings” posted early Monday:
U.S. stock futures drifted higher Tuesday ahead of earnings from more blue-chip companies and the start of the Federal Reserve’s two-day policy meeting…
A strong start to earnings season among U.S. companies and indications that the economy is rebounding have helped to lift stocks to a series of all-time highs. Still, some investors are cautious, pointing to risks stemming from elevated valuations, the potential for a jump in inflation and the raging epidemic in India.
“We’ve got a big week of tech earnings where valuations are probably a bit more stretched than in other areas,” said Stuart Rumble, investment director at Fidelity International.
Tech stocks have climbed in recent weeks, pushing the Nasdaq Composite Index to a record high on Monday for the first time since February. Mr. Rumble said he favors shares of banks and energy companies, economically-sensitive sectors that stand to benefit when coronavirus restrictions lift.
My take: Apple’s fiscal Q2 earnings drop tomorrow after the markets close. If Apple’s going to move ahead of the report, it’s running out of time.