Beat the street: Fed comments on tap; United Airlines; Alcoa; Abbott Laboratories
Investors brace for more earnings ahead of more Fed comments. United Airlines shares head higher on a stronger-than-expected earnings forecast. Abbott Laboratories beat quarterly profit estimates on strong medical device sales.
Plus, Netflix earnings are released this Thursday.
(AI Video Summary)
Investors bracing for more earnings
In today's financial update from "Beat the street", US stocks appear optimistic as investors anticipate further earnings reports and Federal Reserve commentary. United Airlines shares surge following a robust earnings forecast, and a spotlight on Netflix for subscriber growth and service income as they release their earnings this Thursday. With inflation not inspiring confidence according to Fed Chair Jerome Powell, and no clear signal on rate adjustments, the focus turns to the Fed's rate policy amidst continuing inflation challenges. Analysts predict no Federal Reserve rate cuts into 2024, adjusting earlier optimistic forecasts in light of persistent inflation data. Despite market corrections and geopolitical tensions affecting oil prices, strong corporate earnings offer some market resilience.
Shares and commodities updates
Attention also shifts to companies like United Airlines and Alcoa, with the latter benefiting from soaring aluminum prices. Additionally, Abbott Laboratories exceeds quarterly profit expectations, hinting at a promising outlook. Amidst these developments, gold prices reach record highs, driven by market uncertainty and a weaker US dollar. Overall, the market exhibits caution as it navigates through economic indicators, earnings reports, and geopolitical concerns.
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