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ritcha

Stock market news live updates: Stock futures open flat

Reported by ritcha | May 4th, 2021 @ 09:17 AM

Stock futures traded little changed Monday evening after a mixed session earlier in the day, with investors awaiting the next set of corporate earnings results.

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Investors on Tuesday will receive quarterly reports from companies including Pfizer (PFE), Lyft (LYFT) and Virgin Galactic Holdings (SPCE). Overall, corporate results so far have handily exceeded estimates, with 85% of the S&P 500 companies that reported having topped expectations by more than 22.1% in aggregate, according to an analysis from Credit Suisse analyst Jonathan Golub.

These strong results, however, have been met with just a shrug by Wall Street, with many companies not seeing their stocks pop even after posting estimates-topping results. Many pundit chalked this up to the already-elevated expectations heading into earnings season, with investors primed to see a rebound in corporate profits during the post-pandemic economic recovery.

"The numbers were good but Wall Street response was neutral at best. When the best earnings growth since 2010 spawns a yawn it's pretty clear that perfection is priced in," Hilary Kramer, chief investment officer for Kramer Capital Research, wrote in an email Monday. "While there's no seasonal sell signal flashing, there's no immediate reason to buy either. This is a great opportunity to review your positions, make any adjustments and then retreat to the sidelines for the next few months."

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