By Oliver Gray
Investing.com - U.S. stock futures moved modestly higher on Tuesday evening after major benchmark indices rebounded from recent losses during regular trade, however, traders remain cautious of a potential recession after Federal Reserve Chair Jerome Powell noted at a Wall Street Journal conference on Tuesday that “there won’t be any hesitation” about raising rates until inflation is under control.
In extended deals, QualTek Services Inc (NASDAQ: QTEK ) popped 23.1% after reporting Q1 losses of 20 cents per share, beating expectations of a 48 cents loss, while revenue came in at $148.2 million versus $137.51 million expected.
QuickLogic Corporation (NASDAQ: QUIK ) fell 6% after report Q1 losses of 6 cents per share versus losses of 7 cents expected. Revenue for the quarter came in at $4.1 million versus estimates of $4 million.
Corporate earnings are set to continue on Wednesday, with Target Corporation (NYSE: TGT ) and Lowe’s Companies Inc (NYSE: LOW ) reporting results before the opening bell. Ahead in the week, investors will be monitoring fresh data for housing starts and building permits due out Friday morning.
Major financial players were boosted after Warren Buffett’s conglomerate revealed it added a nearly $3 billon stake in Citigroup Inc (NYSE: C ) during the first quarter. Citizens Financial Group Inc (NYSE: CFG ) gained 3.7% JPMorgan Chase & Co (NYSE: JPM ) added 3.3%, Bank of America Corp (NYSE: BAC ) lifted 3.4% and Morgan Stanley (NYSE: MS ) gained 3.8%.
Travel related companies popped after United Airlines raised its revenue outlook for the second quarter on improved consumer demand. JetBlue Airways Corp (NASDAQ: JBLU ) lifted 8.2%, Delta Air Lines Inc (NYSE: DAL ) gained 6.7%, American Airlines Group (NASDAQ: AAL ) added 7.7% and United Airlines Holdings Inc (NASDAQ: UAL ) lifted 7.9%.
On the bond markets, United States 10-Year yields were at 2.995%.
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