Wednesday, 18 July 2018 12:00

Dow aims for best win streak in 2 months as Morgan Stanley reports quarterly results

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The Dow Jones Industrial Average on Wednesday was set to make a run at a fourth rise in as many sessions as investors awaited a second day of congressional testimony from Federal Reserve Chairman Jerome Powell.

Trading is poised to be somewhat subdued to start the day, with investors focusing on corporate earnings season which so thus far shaped up to be upbeat, with Morgan Stanley producing second-quarter results that were better than expected, boosting the investment bank’s stock.

What are markets doing?

Futures for the Dow Jones Industrial Average YMU8, +0.03%[1]  was up 10 points, or less than 0.1%, at 25,115, if the blue-chip benchmark closes up a fifth day in a row in the green, it would mark its longest wining period since the eight-day period ended May 14, according to FactSet data.

Meanwhile, the S&P 500 index futures ESU8, +0.00%[2]  was little changed at 2,811. Futures for the Nasdaq-100 index NQU8, -0.10%[3]  dropped 7.75 points, or 0.1%, to 7,414.

The mostly muted trading action comes after gains on Tuesday[4], when the Nasdaq Composite Index COMP, +0.63%[5]  rose 0.6% for a record close, and the Dow DJIA, +0.22%[6]  and S&P 500 SPX, +0.40%[7]  added 0.2% and 0.4%, respectively.

What is driving the market?

Wall Street moves has been influenced by economic reports and earnings reports. So far, 88% of the 41 S&P 500 companies that have reported at this point have beaten profit forecasts, setting the tone for an positive season of quarterly results.

Morgan Stanley MS, +0.57%[8] extended that trend[9], with the investment bank reporting second-quarter earnings and revenue that rose above expectations, boosted by outperformance in its sales and trading business. Net income rose to $2.27 billion, or $1.30 a share, from $1.59 billion, or 87 cents a share,...

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