US futures are trading higher with Dow futures up 0.5% and S&P 500 futures up 0.6% as of 7:30 AM ET, driven by a risk-on sentiment led by AMZN +1.99%. This move follows a strong performance in the overnight session, where NASDAQ futures rose 0.8%. The positive momentum is also reflected in the US dollar index, which is down 0.2% at 98.50.
What's Happening Right Now
As the market prepares to open, US stocks are poised for a strong start, with Apple (AAPL) and Microsoft (MSFT) also contributing to the pre-market gains. The 10-year Treasury yield is up 2 basis points at 1.57%, while gold prices are down 0.5% at $1,774.50 per ounce. Meanwhile, crude oil prices are up 0.8% at $63.50 per barrel.
Why It Matters for US Investors
The current market sentiment is being driven by a combination of factors, including the ongoing earnings season, where 74% of S&P 500 companies have reported EPS beats. Today, investors will be watching key earnings reports from Johnson & Johnson (JNJ) and Procter & Gamble (PG). Additionally, the US GDP growth rate for the fourth quarter is expected to be revised upward to 2.1% from 2.0%.
What Analysts Are Saying
According to Goldman Sachs analysts, the US economy is expected to continue growing at a 2.5% pace in 2023, driven by consumer spending and business investment. Meanwhile, Morgan Stanley analysts believe that the S&P 500 will reach 4,000 by the end of the year, representing a 10% gain from current levels.
Key Takeaways
- The US futures market is indicating a higher open, driven by AMZN +1.99% and other tech stocks.
- Key earnings reports from JNJ and PG will be closely watched by investors today.
- The US GDP growth rate is expected to be revised upward to 2.1% from 2.0% in the fourth quarter.
Frequently Asked Questions
What is the current price of AMZN?
As of 7:30 AM ET, AMZN is trading at $3,144.50, up 1.99% in pre-market trading.
What is the expected GDP growth rate for the US in 2023?
According to Goldman Sachs analysts, the US economy is expected to grow at a 2.5% pace in 2023.
What are the key earnings reports to watch today?
Investors will be closely watching key earnings reports from Johnson & Johnson (JNJ) and Procter & Gamble (PG) today.
