US Ride-hailing giants Lyft and Uber are scheduled to report their latest quarterly earnings this week.
Lyft (NASDAQ: LYFT) is scheduled to announce first-quarter financial results on Tuesday after market close. The company is expected to post quarterly earnings of -$0.54 per share and revenues are expected to be $557 million. Lyft stock price increased more than 13% this year.
Uber (NYSE: UBER) is scheduled to announce its first-quarter results after market close on Wednesday. The company expected to post a loss of $0.37 per share on $3.26 billion in revenue.
Wall Street ended higher on Monday supported by the strong corporate earnings and the successful COVID-19 vaccine rollout in the US.
On the earnings front, Pfizer (NYSE: PFE), Ferrari (NYSE: RACE), CVS Health (NYSE: CVS) reporting earnings today before the bell while T-Mobile (NASDAQ: TMUS), and Lyft (NASDAQ: LYFT) is scheduled to report results after the market close.
Crude oil prices climb to near the previous week in hopes of stronger global demand. On Monday, the European Commission announced plans to ease restrictions on vaccinated travellers as early as next month.
In the currency market, the Australian dollar fell to near the 0.77 area after the RBA said the central bank did not anticipate raising rates before 2024. Meanwhile, the British pound trading steady on Tuesday boosted by the upbeat UK manufacturing PMI data.
The Safe-haven metal retreat from the previous session high after the mixed comments from U.S. Fed chair Jerome Powell. On Monday, the metal rose to a fresh weekly high of $1797 on weak ISM data.
On the data front, the US ISM manufacturing PMI came in at 60.7 for April, compared with the 65.0 reading that was expected.
On Monday, US Federal Reserve Chairman Jerome Powell said the economic outlook has "clearly brightened" in the United States, but the recovery remains too uneven.
Worldwide, more than 153 million people have been confirmed infected and more than 3.2 million have died. The United States has confirmed over 32.4 million cases and has had more than 577,000 deaths from COVID-19, the highest totals in the world. In India, the total COVID-19 infections exceed 20 million as the country reports 357,229 new cases over the last 24 hours.
DOLLAR INDEX: The Index rebounded back to above 91 today. The pair may continue to push higher if it holds above 91. The next upside levels to watch 91.40 and 92.00.
The important levels to watch for today: Support- 91.10 and 90.80 Resistance- 91.40 and 91.60.
GOLD: The gold price slips to near the short-term support area of $1780 on Tuesday after it failed to break last month high of $1797.
The important levels to watch for today: Support- 1777 and 1768 Resistance- 1790 and 1797.
Quote of the day: People who succeed in the stock market also accept periodic losses, setbacks, and unexpected occurrences. Calamitous drops do not scare them out of the game. – Peter Lynch.