21/05/2024 3:13 AM

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Dow futures up 300, hopes of reopening build, oil down again

A masked pedestrian carrying water bottles walks past the Charging Bull statue in lower Manhattan on April 02, 2020 in New York City.

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7:49 am: Caterpillar says first-quarter sales decline 21{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, does not give 2020 outlook because of pandemic

Caterpillar experienced a sales drop of 21{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} in the first quarter as the coronavirus pandemic disrupted demand in the construction and mining sectors. The industrial giant on Tuesday reported revenues of $10.6 billion in the first quarter, compared with $13.5 billion in the first quarter of 2019. Caterpillar posted adjusted earnings per share of $1.60 in the first quarter, compared with $3.25 per share in the same quarter a year ago. The company said it is not providing a financial outlook for 2020 at this time given the “continued global economic uncertainty” due to the pandemic. – Li

7:43 am: Dow futures surge for a second day on hopes of the economy reopening soon

U.S. stock futures pointed to another strong day of gains as traders increased bets on the reopening of the U.S. economy. Dow Jones Industrial Average futures were up more than 300 points, or 1.4{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}. S&P 500 and Nasdaq 100 futures were up 1.3{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f} and 1.1{3c4481f38fc19dde56b7b1f4329b509c88239ba5565146922180ec5012de023f}, respectively. Alaska, Georgia, South Carolina, Tennessee and Texas are among the states that have let some businesses resume operations. Wall Street was coming off a strong rally on Monday, with the Dow surging more than 350 points. Oil was lower again, but off the worst levels of the overnight session.

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