Left Menu
Development News Edition

US STOCKS-S&P 500 aims for record open on IBM support, fading China virus fears


US STOCKS-S&P 500 aims for record open on IBM support, fading China virus fears
Representative image Image Credit: Wikipedia

U.S. stock index futures pointed to fresh highs for the S&P 500 on Wednesday, as investors took heart from China's efforts to contain a deadly virus outbreak, while strong results from IBM and Netflix boosted earnings optimism.

Wall Street's main indexes slipped from record highs on Tuesday after officials confirmed the first U.S. case of the coronavirus that has killed nine and infected 440 in China. The outbreak, which revived fears of a pandemic similar to the Severe Acute Respiratory Syndrome (SARS) in 2003, roiled travel and airline stocks on Tuesday, as millions of people prepared to travel for the Chinese Lunar New Year.

A batch of strong earnings reports helped lift sentiment. International Business Machines Corp rose 4.4% in premarket trading after forecasting full-year profit above market expectations on strength in its high-margin cloud computing business.

Netflix Inc rose 1.9% as international growth helped the streaming video service beat expectations for subscription growth, even as it warned of a tough first quarter. U.S. semiconductor stocks benefited from a strong forecast from Dutch firm ASML Holding NV, the latest large chipmaker to indicate a recovery in the sector.

Chip-gear maker Applied Materials Inc rose 1.9%, while Micron Technology Inc and Advanced Micro Devices Inc gained about 1% each. Among the weak spots was Johnson & Johnson, dropping 1.6% after missing quarterly revenue estimates due to disappointing sales of its blockbuster psoriasis medicine Stelara and cancer drug Imbruvica.

With markets looking to regain momentum following a wobbly session on Tuesday, investors kept a close watch on developments around U.S. President Donald Trump's impeachment trial and the annual meeting of world leaders and business heads in Davos. At 7:30 a.m. ET, Dow e-minis were up 90 points, or 0.31%. S&P 500 e-minis were up 14.25 points, or 0.43% and Nasdaq 100 e-minis were up 70 points, or 0.76%.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.


TRENDING

OPINION/BLOG/INTERVIEW

Future of Food: Technology fostering the road to global food security

Technological innovation can help address most of the pressing issues facing the world today including food security by enhancing productivity, improving financial services, managing resources, addressing environmental concerns, etc....

Conspiracy theories on COVID 19: Legislators, Scientists, and Journalists all joined the Caravan

Conspiracy theories are not new for virus epidemics. There have been conspiracy theories on HIV-AIDS, Polio Vaccines, Ebola Virus, and several other diseases as well. However, what makes the 2019 Novel Coronavirus different from others is ...

Now it’s a war, Uganda deploys army to combat locust swarms

Its for the first time after 1986, the locust swarms have attacked Uganda twice in a season. With the increasing number of countries of Africa under attack by locust swarms, the problem seems to have taken a regional paradigm. Its very diff...

Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Videos

Latest News

Ukraine's prime minister submits resignation again: NV

Ukrainian Prime Minister Oleksiy Honcharuk submitted his resignation for a second time after reports that President Volodymyr Zelenskiy might be gearing up to sack him, the Ukrainian news outlet NV reported on Friday night. A source told Re...

Congress hits out at BJP after Law Minister tells party to not preach 'raj dharma' to govt

The Congress on Saturday hit out at the BJP and the central government after Union Law Minister Ravi Shankar Prasad told the principal Opposition party to not preach raj dharma to the government. Slamming Prasads remarks, senior Congress le...

Ben Schnetzer to play Yorick Brown in FX's 'Y: The Last Man' series

FXs Y The Last Man series has found its new male lead in Warcraft alum Ben Schnetzer Based on DC Comics series by Brian K. Vaughan and Pia Guerra, the show is set in a post-apocalyptic world after a cataclysmic event has decimated every mal...

Turkey destroys chemical warfare facility in Syria: official (AFP) AMSAMS

Turkey destroys chemical warfare facility in Syria official AFP AMSAMS...

Give Feedback