US futures, Apple lawsuits, WeWork bid, Boeing CEO - what's moving markets
Investing.com — Wall Street trades positively Tuesday, even as tech giant Apple grapples with more lawsuits and Boeing starts the search for a new CEO. WeWork could be back in play, following reports former boss Adam Neumann has submitted a bid.
U.S. stock futures traded higher Tuesday, continuing the recent positive tone despite the previous session’s breather amid confidence that the expected upcoming Fed rate cuts will boost the country’s economic performance.
By 05:05 ET (09:05 GMT), the Dow futures contract was up 50 points, or 0.1%, S&P 500 futures had risen by 16 points or 0.3%, and Nasdaq 100 futures had risen by 85 points or 0.5%.
Wall Street posted slight losses on Monday, but this pullback came on the back of last week’s strong gains, during which the indexes reached new all-time closing high levels. They remain on course for a fifth consecutive month of gains.
There is more U.S. economic data to digest later in the session, including March’s consumer confidence data, February durable goods orders and the Richmond Fed’s manufacturing survey.
However, major movements are unlikely given the Fed’s favorite inflation gauge, the core personal consumption expenditures price index, is due for release when markets are closed for Good Friday.
The Fed last week stuck with projections for three interest rate cuts this year, but added that it wanted more evidence inflation is slowing before easing.
Apple’s troubles appear to be mounting, after the iPhone maker was hit by a number of new consumer lawsuits accusing it of monopolizing the smartphone market.
The lawsuits, seeking to represent millions of consumers, mirror the Justice Department's claims that Apple (NASDAQ:AAPL) violated U.S. antitrust law by suppressing
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