Dow Futures 160 Pts Higher as IBM Posts Strong Results By Investing.com – Investing.com

Dow Futures 160 Pts Higher as IBM Posts Strong Results By Investing.com – Investing.com

© Reuters.

By Peter Nurse   

Investing.com - U.S. stocks are seen opening higher Tuesday, rebounding from Monday’s hefty losses, helped by strong results from IBM (NYSE:).

At 7:05 AM ET (1105 GMT), the contract was up 150 points, or 0.5%, traded 17 points, or 0.4%, higher and gained 70 points, or 0.5%.

The major equity indices closed sharply lower on Wall Street Monday, with the blue-chip slumping more than 700 points, or 2.1%, to post its worst day since October. The broad-based fell 1.6% and the dropped 1.1%.

Investors deserted the equity markets amid fears the latest surge in U.S. Covid-19 cases, largely due to the fast-spreading delta variant, could prompt officials to impose new lockdowns and business closures.

President Joe Biden, in a speech Monday, pleaded with the populace to get vaccinated to help boost the nation’s economic recovery, citing higher rates of Covid-19 in states with low vaccination rates.

Meanwhile, IBM (NYSE:) will be in the spotlight after the tech giant reported better than expected second-quarter revenue growth after the close Monday, boosted by strong growth in its Cloud and consulting businesses.

Apple (NASDAQ:) could also be in focus