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Stocks to open higher as markets await Apple’s results after the close

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Stocks appear poised to open slightly higher after yesterday’s tech led selloff.  Results from 3M, the industrial and consumer products company delivered a slight beat to the top and bottom line, with a guidance cut that was not as bad as many feared.  3M’s revenue results paint the same story we have seen so far this earning season, with strong US sales and nothing to brag about from the Asia-Pacific region.

The positive open is limited with the Dow and S&P futures poised to open 0.1% higher, while the Nasdaq is up 0.2%.  After the close we will see Apple’s earning report.  Markets were warned at the beginning of the year of that the results will be poor.  They delivered a guidance cut that showed iPhone upgrades eased on January 2nd and their earning results are widely expected to show their first holiday quarter sales decline since the iPhone was launched. The stock is down roughly a third and value investors may start finding valuations attractive after one last push lower. Analysts will closely watch to see if they are able to deliver optimism on call regarding the services revenue stream.

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Ed Moya

Ed Moya

Contributing Author at OANDA
With more than 20 years’ trading experience, Ed Moya was a Senior Market Analyst with OANDA for the Americas from November 2018 to November 2023. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Prior to OANDA he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business, cheddar news, and CoinDesk TV. His views are trusted by the world’s most respected global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Seeking Alpha, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.
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