[ad_1]

Wall Street futures followed global markets lower Tuesday amid a bevy of U.S. earnings reports and an update on economic growth.

Futures for the Dow slipped 0.2% and the S&P fell 0.4%.

Dozens of the nation’s biggest companies, including Microsoft and Amazon, are due to report earnings this week. McDonald’s rose before the bel l after the fast food chain reported higher-than-expected sales and profit in the first quarter.

General Motors jumped more than 3% after strong U.S. sales boosted profits and the company raised guidance based on expectations that demand will remain robust.

Analysts expect companies in the S&P 500 to report their biggest drop in earnings since the spring of 2020, when the pandemic paralyzed the economy. But the majority of companies so far this earnings reporting season have been beating the projections of Wall Street analysts.

On Thursday, the U.S. releases new data on economic growth during the first three months of the year. Economists believe growth slowed in that time due to interest rate hikes that are being used by the U.S. Federal Reserve to cool stubbornly high inflation. Economists expect growth to slow to 1.9% at an annual rate, down from 2.6% in the final quarter of 2022.

[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *