#USA_stocks edged higher Tuesday, maintaining recent bullish optimism ahead of more corporate #earnings and upcoming #Fed speakers this week.
At 09:35 ET (13:35 GMT), the #Dow_Jones Industrial Average gained 50 #points, or 0.1%, the S&P 500 gained 12 points, or 0.2%, and the #NASDAQ Composite rose 20 points, or 0.1%.
#Fed speakers in spotlight
The main Wall Street indices have continued to push higher, after registering three straight days of gains on Monday, as #softer-than-expected payrolls data increased optimism that the #Federal Reserve could start cutting rates later this year.
#Richmond Fed President Thomas Barkin said on Monday that current monetary policy was restrictive enough to eventually bring inflation within the Fed’s 2% annual target, while relative strength in the job market will give the bank enough headroom to wait until this happens.
#New_York #Fed President #John_Williams also said that current monetary conditions were adequate to bring down inflation.
Investors have increased their bets on a September rate cut, with the CME Fedwatch tool showing traders pricing in a 48% chance for a 25 basis point reduction in September.
More #central_bank officials are also set to speak this week, with an address from Minneapolis Fed President Neel Kashkari due on Tuesday.
Inflation remained the biggest point of contention for the Fed in considering rate cuts, given that #price pressures grew more than expected through the first quarter and remained well above the Fed’s 2% annual target.
#Disney falls #despite surprise streaming profitThe first quarter earnings season is also set to continue this week.
Walt Disney (NYSE:DIS) stock fell 8.5% as a surprise profit in the entertainment giant’s streaming entertainment division was eclipsed by a drop in its traditional #TV business and weaker box office.
#Kenvue (NYSE:#KVUE) stock rose 3.2% after the consumer health company, a spinoff from #Johnson & #Johnson (NYSE:#JNJ), beat #Wall #Street estimates for first-quarter profit, adding it would cut 4% of its global workforce as part of a plan to cut costs.
Palantir Technologies Inc (NYSE:#PLTR) stock tumbled 11% after the data analytics firm’s annual revenue forecast fell short of analysts’ estimates, while Lucid Group (NASDAQ:#LCID) stock fell 10% after the luxury electric vehicle maker forecast higher capital expenditure this year and maintained a disappointing annual production forecast amid slower-than-expected EV demand.
Additionally, Apple (NASDAQ:#AAPL) stock rose 1.2% after the Wall Street Journal reported the tech giant is developing its own chip to run artificial intelligence software in data centers, citing people familiar with the matter.
Apple, which has been falling behind its competitors on AI, has been evading questions about its plans for the technology.
#Middle_East ceasefire talks, US inventories in focus
Crude prices edged lower amid uncertainty over the likelihood of a ceasefire in the important oil-rich Middle East.
By 09:35 ET, the U.S. #crude futures traded 0.3% lower at $78.27 a barrel, while the Brent contract dropped 0.3% to $83.03 per barrel.
#Palestinian militant group Hamas on Monday agreed to a Gaza ceasefire proposal from mediators, but Israel launched strikes on the city of Rafah in Southern #Gaza after saying the terms did not meet its demands.
A lack of settlement between the parties in the now seven-month long conflict has supported oil prices, as investors worry regional escalation of the war will disrupt Middle Eastern crude supplies.
The latest news of weekly U.S. crude stockpiles are due later in the session, from the American Petroleum Institute.
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