From the Wall Street Journal’s “Stock Futures Slip With Tech Earnings on Tap” posted early Tuesday:
U.S. stock futures ticked lower Tuesday as investors awaited earnings reports from the biggest technology giants and data on the manufacturing sector.
U.S. stocks have been grinding higher as investors cheered strong corporate results and upbeat guidance from some of the largest American businesses. At the same time, concerns are lingering over the Delta-variant of Covid-19, supply-chain problems, a spike in inflation and cooling economic growth.
“We’ve been characterizing this market as a jetliner that has lifted off and is coming out of the Covid-19 air pocket, but is still trying to find an appropriate cruising altitude,” said Kara Murphy, chief investment officer at Kestra Holdings. “We are seeing economic data going from great levels to good levels: that is still indicative of economic growth.”
My take: In the walkup to today’s earnings report, Mr. Premarket has been wrong more often that he’s been right.