By Oliver Gray
Investing.com - U.S. stock futures were higher in Wednesday’s early trade, following a positive session overnight as investors digested a fresh batch of corporate earnings while bond yields rose to fresh pandemic-era highs ahead of key inflation data set to be released later in the week.
During Tuesday’s regular trade, The Dow Jones Industrial Average gained 371.65 points, or about 1.06%, to 35,462.78. The S&P 500 gained 0.84% to 4,521.54, while the Nasdaq Composite added 1.28% to 14,194.45.
Dow Jones Futures added 0.19%, S&P 500 Futures were up 0.22% and Nasdaq 100 Futures gained 0.2%.
Among stocks, technology companies staged a comeback on Tuesday with Amazon.com Inc (NASDAQ:AMZN) up 2.2%, Microsoft Corporation (NASDAQ:MSFT) adding 1.2%, Apple Inc (NASDAQ:AAPL) up 1.85%, and Alphabet Inc (NASDAQ:GOOGL) adding 0.14%. EV makers were also higher, with Tesla Inc (NASDAQ:TSLA) up 1.62%, Rivian Automotive Inc (NASDAQ:RIVN) adding 4.44% and Lucid Group Inc (NASDAQ:LCID) up 1.71%.
Financial heavyweights also moved higher on rising bond yields, as JPMorgan Chase & Co (NYSE:JPM) gained 1.88%, Citizens Financial Group Inc (NYSE:CFG) added 2.1%, Bank of America Corp (NYSE:BAC) gained 1.79%, Citigroup Inc (NYSE:C) added 1.15%, Wells Fargo & Company (NYSE:WFC) lifted 2.48% and Morgan Stanley (NYSE:MS) gained 1.11%.
Peloton Interactive Inc (NASDAQ:PTON) rallied 25.28% after the company said it will slash 2,800 jobs in a restructuring that will see CEO John Foley transition to executive chair.
Investors were also paying close attention to corporate earnings, with Harley-Davidson Inc (NYSE:HOG) gaining 15.53% after reporting a surprise profit for the fourth quarter. Amgen Inc (NASDAQ:AMGN) added 7.82% after reporting results, while Chegg Inc (NYSE:CHGG) popped 15.99% following its quarterly update.
On the downside, Pfizer Inc (NYSE:PFE) slid 2.84% after the drugmaker’s fourth-quarter revenue came in lower than Wall Street analysts expected.
In extended deals, Chipotle Mexican Grill Inc (NYSE:CMG) added 7.76% after the company reported quarterly earnings that topped analyst expectations, with EPS coming in at $5.58 adjusted vs. $5.25 expected, while revenue came in at $1.96 billion vs. $1.96 billion expected. Chipotle also noted that it expects same-store sales growth to slow next quarter due to the omicron variant.
LYFT Inc (NASDAQ:LYFT) dipped 3.25%% after reporting fewer active riders than in the prior quarter, but beating on the top and bottom lines for its quarterly results. EPS was at 9 cents vs 8 cents, while revenues were at $970 million vs $940.1 million expected.
On the bond markets, United States 10-Year Treasury yields hit fresh 30-month highs of 1.965%.
Looking ahead, earnings reports due before the opening bell on Wednesday include CVS Health Corp (NYSE:CVS), Fox Corp (NASDAQ:FOXA). and GlaxoSmithKline PLC ADR (NYSE:GSK), while Walt Disney Company (NYSE:DIS), Mattel Inc (NASDAQ:MAT), MGM Resorts International (NYSE:MGM) and Uber Technologies Inc (NYSE:UBER) will release results after the bell.
Investors are also preparing for Thursday’s Consumer Price Index report, with data estimated to show that prices rose 0.4% in January, for a yearly gain of 7.2%. U.S. Federal Reserve policymakers have already broadcasted a monetary policy pivot in order to address the historically high price increases.