Wall Street edged modestly higher early today despite underwhelming corporate earnings data, the Associated Press reports. Futures for the Dow Jones Industrial Average and the S&P 500 each gained 0.3% before the bell.
Caterpillar slumped more than 4% before markets opened this morning after the heavy machine manufacturer posted its most recent earnings. The company beat Wall Street targets but noted a dropoff in backorders.
JetBlue tumbled 7% in premarket after the airline posted a wider loss than analysts expected, blaming weather and higher fuel prices. The Biden Administration is also suing to block JetBlue’s proposed $3.8 billion acquisition of Spirit Airlines.
Profit reports from roughly 150 companies in the S&P 500 are due this week. That includes the latest quarterly report from Apple on Thursday. Because it’s the most valuable stock on Wall Street, it is also the most influential stock on the S&P 500.
On Wednesday comes the Fed’s policy statement and an update on the number of job openings across the country. Friday brings the jobs report for October.
In other trading today, U.S. benchmark crude added 61 cents to $82.92 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, rose 59 cents to $86.94 per barrel.
