US stocks fall hours before Tuesday’s opening bell

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US stock futures turned negative ahead of Tuesday’s trading session on Wall Street.

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$34996.18

+126.02 (+0.36%)

$14733.239713

+31.32 (+0.21%)

Overnight, Wall Street’s benchmark S&P 500 index rose 0.3% to a new all-time high, led by banking, communications and consumer stocks.

“Wall Street is bracing for a volatile week,” Oanda’s Edward Moya said in a report.

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On Wall Street, the S&P rose to 4,384.63. The Dow Jones Industrial Average rose 0.4% to 34,996.18. The Nasdaq composite gained 0.2% to 14,733.24.

The indices have hit several highs in volatile trading lately.

US stock futures turned negative ahead of Tuesday’s trading session on Wall Street. Nicole Pereira/New York Stock Exchange via AP

Expectations for corporate earnings are high as companies release quarterly results, led by Wall Street banks on Tuesday.

According to FactSet, corporate profits are expected to rise 64% from a year earlier. That would be the largest year-on-year growth since 2009 in the wake of the global financial crisis.

Shares have surged over the past year on the expectation that corporate earnings would recover once the pandemic is over. Without strong gains, it will be difficult to justify high stock prices and record market valuations.

Meanwhile, Asian stocks trailed Wall Street higher on Tuesday after Chinese exports surged double-digit. Investors looked ahead to US earnings reports expected to show strong gains for major banks.

Shanghai, Tokyo, Hong Kong and Sydney made progress.

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The Shanghai Composite Index rose 0.2% to 3,556.27 after Chinese customs data showed export growth accelerated to 32.2% in June from a year earlier.

China led the global recovery from the pandemic, but domestic consumption and other economic activity leveled off. China’s global trade surplus rose 11% a year earlier to $51.5 billion. The politically sensitive surplus with the United States grew by 11% to $32.6 billion.

Tokyo’s Nikkei 225 gained 0.5% to 28,720.09 and Hong Kong’s Hang Seng rose 1.9% to 28,027.48.

The Kospi in Seoul rose 0.7% to 3,269.43 and Sydney’s S&P ASX 200 was 0.2% higher at 7,348.20.

The Indian Sensex opened 0.5% at 52,626.80. New Zealand, Singapore and Bangkok won while Jakarta withdrew.

On Wall Street, the S&P rose to 4,384.63. The Dow Jones Industrial Average rose 0.4% to 34,996.18. The Nasdaq composite gained 0.2% to 14,733.24.

The indices have hit several highs in volatile trading lately.

Expectations for corporate earnings are high as companies release quarterly results, led by Wall Street banks on Tuesday.

According to FactSet, corporate profits are expected to rise 64% from a year earlier. That would be the largest year-on-year growth since 2009 in the wake of the global financial crisis.

Shares have surged over the past year on the expectation that corporate earnings would recover once the pandemic is over. Without strong gains, it will be difficult to justify high stock prices and record market valuations.

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In the energy markets, the US benchmark crude rose 27 cents to $74.37 a barrel in electronic trading on the New York Mercantile Exchange. The contract fell 46 cents to $74.10 on Monday. Brent oil, the price base for international oils, added 22 cents to $75.38 a barrel in London. It 39 cents the previous session to $75.16 a barrel.

The dollar gained from 110.34 yen to 110.43 yen. The euro rose to $1.1865 from $1.1858.

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