The SP 500 and the Dow slipped for a second straight day on Tuesday, with investors pinning their hopes on results from Netflix and other major techrelated companies this week to help sustain an upbeat start to the earnings season.
Videostreaming service provider Netflix, which thrived during last years lockdowns, will be the first to report quarterly numbers in the so called FAANG group. Its shares rose 1.3 in early trading, ahead of its results after the closing bell.
The broader NYSE FANGTM index added about 0.05.
International Business Machines Corp rose 3.9 after recording the biggest rise in quarterly sales in more than two years, boosted by its bets on cloud computing.
Chipmaker Intel Corp is slated to report results on Thursday.
We are getting a little bit of weakness … even though the earnings and economic data is good, said Ryan Detrick, senior market strategist at LPL Financial in Charlotte, North Carolina.
The underlying fundamentals are extremely strong and it wouldnt be overly concerning after the rally we have seen in the past 13 months for the market to catch its breath a little bit more in the face of strong earnings.
After blockbuster earnings from major U.S. banks last week, analysts expect firstquarter profit for overall SP 500 firms to jump 30.9 from a year earlier, according to Refinitiv IBES data.
Richly valued technology stocks are back in demand as a pullback in longerdated bond yields from 14month highs has eased worries over higher…