Stocks pointed to a second straight day of gains Tuesday as Wall Street digested a series of corporate earnings results, with many of these coming in better than feared amid the coronavirus pandemic.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="June contracts for West Texas intermediate crude oil extended declines, after a host of major funds including the United States Oil Fund said they were rolling their front contracts into the later contracts to try and avoid the risk of the most actively traded futures turning negative. June futures traded 1.4% lower to below $13 per barrel.” data-reactid=”17″>June contracts for West Texas intermediate crude oil extended declines, after a host of major funds including the United States Oil Fund said they were rolling their front contracts into the later contracts to try and avoid the risk of the most actively traded futures turning negative. June futures traded 1.4% lower to below $13 per barrel.

Meanwhile, positive updates on an easing of the coronavirus outbreak in global hot spots extended into this week. Italy reported daily new cases rose by 1,739, or the lowest since March 10, from 2,324 on Sunday. And in New York state, the daily death toll dropped to 337 from 367 the prior day, and hospitalizations were virtually flat. A day earlier, New York Governor Andrew Cuomo discussed restarting construction and manufacturing in areas of the state less hard-hit by the pandemic after May 15.

Market participants will be looking to economic data Tuesday including the Conference Board’s April consumer confidence index to gauge the recent economic damage induced by the pandemic. Still, many analysts noted that the latest economic data is taking a back seat to hopes that the stream of states eyeing May business reopenings will succeed in getting their local economies back on their feet, creating a blueprint for a broader economic jump-start.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Policymakers’ aggressive response to supporting the virus-stricken economy has also helped support equities. On Monday, the Small Business Association resumed taking applications for its multi-billion-dollar aid program, which was replenished with funds authorized by Congress last week. Meanwhile, the Federal Reserve broadened the scope of its Municipal Liquidity Facility to provide counties and cities with smaller populations with short-term credit.” data-reactid=”20″>Policymakers’ aggressive response to supporting the virus-stricken economy has also helped support equities. On Monday, the Small Business Association resumed taking applications for its multi-billion-dollar aid program, which was replenished with funds authorized by Congress last week. Meanwhile, the Federal Reserve broadened the scope of its Municipal Liquidity Facility to provide counties and cities with smaller populations with short-term credit.

“Certainly, the massive fiscal and monetary response to the dead stop of the economy accounts for much of that moderation,” David Joy, Ameriprise chief market strategist, wrote in a note Monday. “But, investors also now well understand that for the next few months economic data is going to be exceptionally weak, and they’re taking it in stride.”

Investors have also mostly looked through dismal first-quarter corporate earnings results, with the coronavirus pandemic now reasonably understood to have dented corporations across industries.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Caterpillar’s stock rose slightly Tuesday morning even after the company reported a 21% drop in first-quarter revenue, and forecasting a sharper impact in the second quarter due to the pandemic. Shares of Adidas (ADS.DE), one of the companies that reported results on Monday, closed higher even after reporting a 96% drop in first-quarter net profit and forecasting a 40% drop in sales for the current quarter.” data-reactid=”23″>Caterpillar’s stock rose slightly Tuesday morning even after the company reported a 21% drop in first-quarter revenue, and forecasting a sharper impact in the second quarter due to the pandemic. Shares of Adidas (ADS.DE), one of the companies that reported results on Monday, closed higher even after reporting a 96% drop in first-quarter net profit and forecasting a 40% drop in sales for the current quarter.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Key earnings results set for release Tuesday after market close Tuesday include Google-parent company Alphabet (GOOG,&nbsp;GOOGL) and Starbucks (SBUX).” data-reactid=”24″>Key earnings results set for release Tuesday after market close Tuesday include Google-parent company Alphabet (GOOGGOOGL) and Starbucks (SBUX).

9:31 a.m. ET: Stocks open higher

Here were the main moves in markets, as of 9:31 a.m. ET:

  • S&P 500 (^GSPC): +40.57 points (+1.41%) to 2,919.05

  • Dow (^DJI): +362.80 points (+1.5%) to 24,496.58

  • Nasdaq (^IXIC): +77.2 points (+0.87%) to 8,806.02

  • Crude (CL=F): -$0.18 (-1.41%) to $12.60 a barrel

  • Gold (GC=F): +$3.30 (+0.19%) to $1,727.10 per ounce

  • 10-year Treasury (^TNX): -1.9 bps to yield 0.635%

7:49 a.m. ET: PepsiCo posts better than expected 1Q profit, organic sales growth; withdraws full-year outlook

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="PepsiCo (PEP) reported organic sales growth in each of its major business segments for the first quarter, driving a top- and bottom-line beat relative to consensus expectations.” data-reactid=”37″>PepsiCo (PEP) reported organic sales growth in each of its major business segments for the first quarter, driving a top- and bottom-line beat relative to consensus expectations.

First-quarter organic revenue rose 7.9%, or well above the 3.6% growth expected. Core earnings per share of $1.07 were 4 pennies better than expected, and grew by 10 cents over last year.

By category, Frito-Lay – the largest contributor to operating profit – saw sales jump 7%, extending a 5.5% gain in the same quarter last year. Quaker Foods North America organic sales returned to growth of 7%, or more than reversing last year’s 1% decline. And PepsiCo Beverages North America posted an organic revenue jump of 6%, versus 2.5% last year.

Still, the company said it was withdrawing its full-year outlook as the coronavirus pandemic continues to stir up uncertainty.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="“Despite a strong first quarter, there is still a great deal of uncertainty that exists in relation to COVID-19, including how geographies, retail channels and consumer behaviors will evolve over time,” the company said in a statement.” data-reactid=”41″>“Despite a strong first quarter, there is still a great deal of uncertainty that exists in relation to COVID-19, including how geographies, retail channels and consumer behaviors will evolve over time,” the company said in a statement.

7:36 a.m. ET: 3M first-quarter results top expectations as face mask sales jump

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="3M (MMM), a leading manufacturer of protective face masks, reported first-quarter adjusted earnings per share of $2.16 on net sales of $8.1 billion. These results topped consensus expectations for adjusted EPS of $2.03 on sales of $7.88 billion, according to Bloomberg-compiled estimates.” data-reactid=”48″>3M (MMM), a leading manufacturer of protective face masks, reported first-quarter adjusted earnings per share of $2.16 on net sales of $8.1 billion. These results topped consensus expectations for adjusted EPS of $2.03 on sales of $7.88 billion, according to Bloomberg-compiled estimates.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="“In the first quarter we saw strong growth in personal safety, as well as in other areas of our portfolio experiencing high demand due to the pandemic,” CEO Mike Roman said in a statement. “At the same time, we experienced weak demand in several end markets that were more severely impacted by actions taken around the world to slow the pandemic.&nbsp;” data-reactid=”49″>“In the first quarter we saw strong growth in personal safety, as well as in other areas of our portfolio experiencing high demand due to the pandemic,” CEO Mike Roman said in a statement. “At the same time, we experienced weak demand in several end markets that were more severely impacted by actions taken around the world to slow the pandemic. 

3M said it doubled its global respirator output to 100 million per month, and saw “COVID-related respirator organic growth” of about $100 million during the quarter. 3M added it has not increased its respirator prices amid the pandemic.

3M also said it will start reporting monthly sales results beginning in May for more timely updates on its business performance.

7:24 a.m. ET: Caterpillar posts 21% first-quarter revenue drop as virus impacts machinery demand

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Caterpillar (CAT) posted first-quarter revenue of $10.64 billion, representing a drop of 21% over last year, but a result that still topped consensus analyst expectations. Caterpillar’s quarterly adjusted earnings per share of $1.60 were 9 cents short of estimates, however.” data-reactid=”54″>Caterpillar (CAT) posted first-quarter revenue of $10.64 billion, representing a drop of 21% over last year, but a result that still topped consensus analyst expectations. Caterpillar’s quarterly adjusted earnings per share of $1.60 were 9 cents short of estimates, however.

Caterpillar said its top-line drop was driven by lower sales volume and “lower end-user demand and the impact from changes in dealer inventories.” Dealers increased their inventories by about $100 million in the first three months of the year, or 92% less than the same period last year, Caterpillar said.

The company added that its financial results will be impacted by the coronavirus for the remainder of the year, and declined to provide a full-year outlook.

Many of Caterpillar’s business operations have continued even amid widespread social distancing measures, with many governments having classified the company’s work as essential. Caterpillar said about 75% of its primary production facilities were operating as of mid-April.

7:10 a.m. ET Tuesday: Stock futures jump

Here were the main moves in markets, as of 7:10 a.m. ET Tuesday:

  • S&P 500 futures (ES=F): up 31 points, or 1.08%, to 2,900.00

  • Dow futures (YM=F): up 303 points, or 1.26%, to 24,302.00

  • Nasdaq futures (NQ=F): up 93 points, or 1.05%, to 8,917.25

  • Crude (CL=F): -$1.17 (-9.15%) to $11.61 a barrel

  • Gold (GC=F): -$1.50 (-0.09%) to $1,722.30 per ounce

  • 10-year Treasury (^TNX): +0.6 bps to yield 0.66%

6:05 p.m. ET Monday: Stock futures little changed as overnight session kicks off

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:05 p.m. ET:

  • S&P 500 futures (ES=F): down 3.5 points, or 0.12%, to 2,865.5

  • Dow futures (YM=F): down 13 points, or 0.05%, to 23,986.00

  • Nasdaq futures (NQ=F): down 13.5 points, or 0.15%, to 8,810.75

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