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US STOCKS-Futures kick off month on firm footing; economic data in focus

Published 05/03/2021, 07:16 PM
Updated 05/03/2021, 07:20 PM
© Reuters.

© Reuters.

(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window.)
* Futures up: Dow 0.64%, S&P 0.53%, Nasdaq 0.25%

By Shreyashi Sanyal
May 3 (Reuters) - U.S. stock index futures rose on Monday
after a week of largely upbeat earnings strengthened
expectations of sustained profit growth at companies, with
investors also awaiting economic data to gauge the pace of
recovery.
With more than half of the S&P 500 companies already having
reported results so far, profits are now expected to have risen
46% in the first quarter, compared with forecasts of 24% growth
at the start of April, according to IBES data from Refinitiv.
Megacap technology stocks rose in premarket trading, with
Apple Inc AAPL.O , Amazon.com Inc AMZN.O , Alphabet Inc
GOOGL.O and Microsoft Corp MSFT.O adding between 0.2% and
0.4% after posting largely upbeat results in the prior week.
Improving economic data, strong earnings, fiscal stimulus
and the Federal Reserve's ultra accommodative stance have
supported markets, pushing the S&P 500 .SPX and the Nasdaq
.IXIC indexes to record levels during the course of last week.

Data on Monday is expected to show a slight rise in national
factory activity, while a reading of the Labor Department's
non-farm payrolls data was due to be released on Friday.
At 6:44 a.m. ET, Dow e-minis 1YMcv1 were up 216 points, or
0.64%, S&P 500 e-minis EScv1 were up 22.25 points, or 0.53%,
and Nasdaq 100 e-minis NQcv1 were up 35.25 points, or 0.25%.
Tesla Inc TSLA.O fell 0.9%. Industry sources told Reuters
the electric vehicle maker, under scrutiny in China over safety
and customer service complaints, is boosting its engagement with
mainland regulators and beefing up its government relations
team.
Moderna Inc MRNA.O gained 2.4% after the drugmaker said it
would supply 34 million doses of its COVID-19 vaccine this year
to the global COVAX program.

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