FX.co ★ U.S. Stocks May Extend Yesterday's Rebound In Early Trading

Following a noticeable recovery in the previous trading session, stocks are expected to continue their upward trend in the early market activity on Tuesday. The major index futures, including the S&P 500, indicate a promising start with a 0.2 percent surge.

Market participants may continue to seize the opportunity to purchase stocks at relatively lower prices, taking advantage of the optimistic response to some of the recent corporate earnings reports.

Shares of automobile industry leader General Motors are showing a significant upward trend in pre-market trading, after announcing first quarter results that surpassed expectations in terms of both revenue and net profit. Moreover, snack and beverage company PepsiCo is showing promising signs of strength, having reported results that exceeded predictions for the first quarter.

Conversely, JetBlue shares are experiencing considerable pre-market weakness following the airline's announcement of a smaller than expected first-quarter loss but a reduction in its 2024 revenue forecast. Delivery industry leader UPS may also see a downturn after announcing first-quarter earnings that surpassed expectations but showcased weaker than expected sales.

Shortly after the opening bell, the Commerce Department is scheduled to release a report on new home sales for March. Analysts predict an increase to an annual rate of 668,000, up from February's rate of 662,000.

US stocks performed well on Monday, particularly within the technology sector, as investors capitalized on recent losses to snap up bargain buys. Diminishing concerns over Middle East tensions further bolstered investor sentiment.

Asian-Pacific stock markets provided a mixed bag of performance during Tuesday's trading. Japan's Nikkei 225 Index rose 0.3 percent, while China's Shanghai Composite Index fell 0.7 percent.

In Europe, most stocks are trading higher. The German DAX Index has risen by 0.9 percent, the French CAC 40 Index by 0.3 percent, while the UK's FTSE 100 Index remains largely unchanged.

Concerning commodities, crude oil futures are trading lower by $0.72 at $81.18 a barrel. Meanwhile, gold futures are falling by $24.50 to $2,321.90 per ounce.

On the currency market, the U.S. dollar is trading at 154.79 yen, slightly lower than the 154.85 yen at the close of New York trading on Monday. In contrast, against the euro, the dollar is slightly higher valued at $1.0667, up from the previous day's $1.0655.