Credit: Shutterstock photoStocks are challenging all-time highs today, thanks to strong technology earnings and good news across the Atlantic.
S&P 500 futures are higher by 0.1 percent, while the Nasdaq is up 0.6 percent and near levels last seen during the tech bubble in early 2000. German equities climbed 0.6 percent after its Ifo business-confidence index beat expectations. Hopes that Greece will avoid defaulting on its debt is helping sentiment elsewhere in Europe, lifting Milan more than 1 percent and Madrid by 0.8 percent.
Asia was little-changed overnight. Last year's leading index, India's Sensex, fell more than 1 percent and continues to lag. Copper is the biggest-moving commodity, with a gain of more than 1 percent.
Microsoft, Amazon.com, and Google are all indicated higher after announcing results after yesterday's close. MSFT rose 4 percent after strong cloud growth caused profit and revenue to beat expectations. GOOGL is up 3 percent despite trailing estimates because investors had expected an even bigger miss. AMZN surged 11 percent, also thanks to strong numbers at its cloud-computing division.
While the S&P 500 has barely moved above its highs of late 2014, the Nasdaq 100 has been consolidating at multi-year highs for the last three months. Sentiment has benefited from very strong demand for equities, modest economic growth, and low interest rates.
The near-term agenda is also packed with potential catalysts, starting with durable goods orders at 8:30 a.m. ET. Technology giant Apple reports earnings Monday afternoon, Tuesday brings consumer confidence, and Wednesday features the preliminary estimate for first-quarter gross domestic product. Month-end economic reports such as the Institute for Supply Management's manufacturing index and job numbers follow. (See researchLAB's interactive calendar for more.)
Energy has led in the last month, but optionMONSTER's proprietary researchLAB market scanner shows technology moving to the forefront in the last week. Network-security stocks, disk-drive makers, and chip-equipment companies have been especially strong. Basic metals have also rallied off long-term lows and transportation stocks have been coming back to life following a long period of underperformance.
In other company-specific news, strong quarterly results lifted Starbucks by 4 percent. Biogen declined 3 percent after missing estimates, and chip maker Maxim Integrated fell 7 percent after revenue and forward guidance disappointed.
Gold and silver declined fractionally, while oil and most currencies are little-changed.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
