U.S. Stock Futures Are Higher After Tuesday's Sell-Off
U.S. stock futures are higher: Futures are pointing to a positive open for equities after a sell-off on Tuesday, with the tech heavy Nasdaq closing down sharply. Markets are volatile as investors digest earnings and assess the overall quality of financial results against a backdrop of higher interest rates. Another host of major company results are due today & according to FactSet, roughly 80% of the S&P companies that have already reported earnings have exceeded consensus estimates. However, investors remained cautious mainly due to macro issues, such as above average inflation and potentially aggressive Fed policy. Treasury yields are slightly higher but lower relative to last week’s levels. The 1Y treasury yield remains below 2% at 1.93% and yields across the curve have stabilized. Tomorrow 1Q22 GDP will be released. Russia stopped natural gas supplies to Poland & Bulgaria after both countries refused Moscow’s demand to pay with Rubles. European markets are trading higher driven by earnings and Asia closed lower.