Positive Sentiment Continues as US Stock Index Futures Edge Higher
- S&P 500 seeks third consecutive positive session
- Lyft announces new CEO and change in co-founders’ roles
- PVH Corp beats Q4 earnings estimates
Stock futures edged higher on Tuesday as the S&P 500 attempts to notch its third consecutive positive session and concerns in the banking sector continued to ease.
Lyft shares rose after hours following the announcement of a new CEO and a shift in the roles of its co-founders. PVH Corp shares also surged on strong quarterly results.
At 06:11 GMT, Dow Jones futures are trading 32699.00, up 68.00 or +0.21%. S&P 500 Index futures are at 4013.50, up 6.25 or +0.16% and NASDAQ Composite futures are trading 12803.00, up 14.50 or +0.11%.
Positive news reports contributed to lifting sentiment on Wall Street, with eight of 11 S&P 500 sectors finishing in positive territory on Monday, led by a 2.1% gain in energy.
Earnings season continues on Tuesday, with results from Walgreens Boots Alliance, Micron Technology, and McCormick.
Lyft Co-Founders Step Back as David Risher Takes Over as CEO
Lyft’s cofounders, CEO Logan Green and President John Zimmer, are stepping back from their day-to-day roles, the ridesharing company announced on Monday.
David Risher, a former Amazon executive, will take over as CEO on April 17, while Green will serve as chair of the board. Zimmer will transition out of his role on June 30 to become vice chair of the board. Lyft’s current chairman, Sean Aggarwal, will step down from his post but remain on the board.
Lyft shares rose approximately 5% after hours on the news. Risher, who has been on Lyft’s board since 2021, expressed his excitement about the opportunity to lead the company during a pivotal moment in its history.
PVH Corp. Beats Q4 Earnings Estimates, Shares Jump Over 12%
PVH Corp., the parent company of Calvin Klein, reported its earnings for the fourth quarter, beating the Street’s estimates.
The company’s earnings came in at $138.7 million, or $2.18 per share, which decreased from the same period last year, but exceeded the average analyst estimate of $1.67 per share.
However, the company’s revenue for the quarter rose 2.5% to $2.49 billion from last year. As a result, shares of the company jumped more than 12% after the bell on a strong earnings report. PVH Corp. also provided better-than-expected guidance for the first quarter and full year.
Early Outlook for US Stock Market Positive
The early outlook for the US stock market on Tuesday is positive, with stock futures edging higher as the S&P 500 attempts to notch its third consecutive positive session.
The positive sentiment is attributed to concerns in the banking sector easing, Lyft’s announcement of a new CEO and a shift in the roles of its co-founders, and PVH Corp’s strong quarterly results, which caused its shares to surge over 12%.
Additionally, positive news reports have contributed to lifting sentiment on Wall Street, with eight of 11 S&P 500 sectors finishing in positive territory on Monday.
With earnings season continuing on Tuesday, results from Walgreens Boots Alliance, Micron Technology, and McCormick could have an impact on the market.
Overall, the short-term forecast appears to be positive, but investors should remain cautious and monitor the market closely.