U.S. stock futures rose on Wednesday following Tuesday's decline. Futures of major benchmark indices were higher after President Donald Trump extended the Iran ceasefire.
On Tuesday, the Dow Jones index closed about 293 points lower after President Trump initially said that there would not be an extension to the Iran ceasefire and that Iranian negotiators have no choice but to come to an agreement.
Meanwhile, the 10-year Treasury bond yields stood at 4.286%, and the two-year bond was at 3.766% at the time of writing. The CME Group’s FedWatch tool‘s projections show markets pricing a 99.5% likelihood of the Federal Reserve leaving the current interest rates unchanged in April.
| Index | Performance (+/-) |
| Dow Jones | 0.56% |
| S&P 500 | 0.60% |
| Nasdaq 100 | 0.76% |
| Russell 2000 | 0.99% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, were higher in premarket on Tuesday. The SPY was up 0.64% at $708.54, while the QQQ surged 0.49% to $647.49.
Stocks In Focus
Tesla
- Wall Street expects Tesla Inc. (NASDAQ:TSLA) to report quarterly earnings at 37 cents per share on revenue of $22.71 billion after the closing bell. TSLA shares rose 0.87% to $389.77 in pre-market trading.
- TSLA maintains a strong price trend over the long term, with a weak price trend over short and medium terms, as per Benzinga’s Edge Stock Rankings.
Boeing
- Analysts expect Boeing Co. (NYSE:BA) to post a quarterly loss of 84 cents per share on revenue of $21.92 billion before the opening bell. BA shares gained 1.11% to $221.60 in pre-market trading.
- BA maintains a strong price trend over the short, medium, and long terms, as per Benzinga’s Edge Stock Rankings.
United Airlines Holdings
- United Airlines Holdings Inc. (NASDAQ:UAL) reported better-than-expected results in the first quarter, with adjusted earnings per share (EPS) of $1.19 on revenue of $14.6 billion. UAL shares gained 1.70% to $98.78 in pre-market trading.
- UAL maintains a strong price trend over the short and long terms, as per Benzinga’s Edge Stock Rankings.
AT&T
- Analysts expect AT&T Inc. (NYSE:T) to post an EPS of $0.55 on revenue of $31.23 billion before the opening bell. T shares gained 0.55% to $26.04 in pre-market trading.
- T maintains a weak price trend over the short, medium, and long terms, as per Benzinga’s Edge Stock Rankings.
GE Vernova
- Wall Street expects GE Vernova Inc. (NYSE:GEV) to post an EPS of $2.02 on revenue of $9.26 billion before the opening bell. GEV shares gained 0.62% to $997.68 in pre-market trading.
- GEV maintains a strong price trend over the short, medium, and long terms, as per Benzinga’s Edge Stock Rankings.
Cues From Last Session
The real estate, utilities and industrial sectors recorded the biggest decline on Tuesday. The energy sector was the only positive sector.
| Index | Performance (+/-) | Value |
| Dow Jones | -0.59% | 49,149.38 |
| S&P 500 | -0.63% | 7,064.01 |
| Nasdaq Composite | -0.59% | 24,259.97 |
| Russell 2000 | -1.00% | 2,764.97 |
Insights From Analysts
Michelle Gibley, director of international equity research and strategy at the Schwab Center for Financial Research, warned that despite the last-minute extension of the Iran ceasefire, crude oil prices will take time to normalize.
"Physical delivery of oil and gas is constrained and isn't reflected in energy futures prices," Gibley said.
These issues reverberate around the world in terms of monetary policy as several major central banks, including the Federal Reserve, prepare to make rate decisions next week, Gibley added.
"Most global central banks are on hold for now, waiting for more clarity on the duration of energy supply disruptions and higher energy prices."
Upcoming Economic Data
- On Thursday, the weekly Initial Jobless Claims report will be released at 8:30 a.m. ET.
- On Friday, the University of Michigan's final Consumer Sentiment Index reading for April will be released at 10 a.m. ET.
- The New York Fed Staff Nowcast is also due Friday.
Commodities, Crypto, And Global Equity Markets
Crude oil futures were trading lower in the early New York session by 0.42% to hover around $89.29 per barrel.
Gold Spot US Dollar declined 0.92% to hover around $4,762.63 per ounce. Its last record high stood at $5,595.46 per ounce. The U.S. Dollar Index spot was 0.07% lower at the 98.33 level.
Meanwhile, Bitcoin (CRYPTO: BTC) was trading 2.13% higher at $77,923.25 per coin, as per the last 24 hours.
Asian markets closed mixed on Wednesday. India's Nifty 50, Hong Kong’s Hang Seng, Australia’s ASX 200 indices closed lower, while South Korea’s Kospi and Japan’s Nikkei 225 indices surged. European markets were mostly higher in early trade.
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