U.S. stock futures were on the rise, indicating towards to a bullish session on Wall Street as investors consumed a lot of earnings data. A new reading on new-home sales is about to come just following the starting bell of Tuesday session, while home builder Toll Brothers Inc. (TOL) and E-retailer Best Buy Co. BBY, raised and declined, each, following reporting earnings before the bell.
S&P 500 futures surged 11 points, or 0.5%, to 2,056, while Dow Jones Industrial Average futures oved higher by 100 points, or 0.6%, to 17,568. Tech weighted index, Nasdaq-100 futures (NQM6) moved up on 27 points, or 0.6%, to 4,380. On previous trading session, the S&P 500 (SPX) ended down 0.2%, while the Dow Jones Industrial Average (DJIA) and Nasdaq Composite (COMP) both lost 0.1%, as Federal Reserve officials persisted to indicate that U.S. interest rates could surge just in the beginning of next month. The market witnesses a 30% chance of a June rally and a 46% chance of a July move, as per reported by the CME Group’s FedWatch tool.
On the stocks updates, US Silicon Valley titan, Apple Inc. (NASDAQ:AAPL) Chief Executive Tim Cook act something strange this week in an attempt to gain more business in India: He confessed the iPhone price too expensive. In his interview with India’s NDTV, Cook reported that India’s market is inspiring as the huge duties and taxes implemented on foreign firms, but that Apple (AAPL) is looking over alternatives, including refurbished phones, in an attempt to lower prices over time. Our productivity is less in India, substantially less, but still I believe the prices are high, he stated NDTV’s Vikram Chandra. “I want the user in India to be capable of buying at a price that seems similar to the U.S. price.
Among most active laggards, Best Buy (NYSE:BBY) shares tumbled in early session on Tuesday. Even though the consumer electronics retailer declared superior than predicted earnings and revenue for the initial quarter, sales declined 1.4% as compared to a year earlier. The firm also provided a sluggish guidance for the present quarter and reported that its CFO Sharon McCollam would be moving down coming month.
While on the upside, Toll Brothers (NYSE: TOL), the largest U.S. luxury home builder, declared a better than expected results for both top and bottom lines for its fiscal Q2 as profit margins enhanced as compared to a year earlier profit. Courtesy to robust demand for high-end homes, which moved up sales 31%.