The upward momentum for the markets partly reflects a positive reaction to the latest batch of earnings news, including quarterly results from drug giants Merck (MRK) and
Shares of Merck are moving notably higher in pre-market trading after the company reported better than expected second quarter results on strong sales of its newer drugs.
On the other hand, shares of UPS (UPS) may come under pressure after the delivery giant reported weaker than expected second quarter earnings and cuts its full-year guidance.
Trading activity may remain somewhat subdued, however, as traders may be reluctant to make any significant moves ahead of the Federal Reserve's announcement of its latest monetary policy decision on Wednesday.
The Fed is widely expected to announce another
Traders are likely to pay close attention to the Fed's accompanying statement, looking for indications regarding the outlook for interest rates.
Nonetheless, trading could be impacted by the release of a report from Standard & Poor's on home prices in major metropolitan areas in the month of May. The report is due to be released at
Stocks showed a significant recovery over the course of the trading day on Monday after coming under pressure in early trading. The markets eventually ended the session roughly flat following the mixed performance that was seen last week.
The major averages finished the day on opposite sides of the unchanged line. While the Nasdaq edged down 4.65 points or 0.1% to 4,444.91, the Dow crept up 22.02 points or 0.1% to 16,982.59 and the S&P 500 inched up 0.57 points or less than a tenth of a % to 1,978.91.
In overseas trading, stock markets across the
The major European markets have also moved to the upside on the day. While the
In commodities trading, crude oil futures are sliding
Among currencies, the US dollar is trading at
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