Premarket: Digesting Biden exit, markets focus on earnings, data

World markets steadied on Tuesday as investors looked beyond Joe Biden’s exit from the U.S. presidential race, turning their focus to corporate earnings and economic data.

The pan-European STOXX index was up 0.1% while U.S. futures were down 0.2% following a 1.1% rise in the S&P 500 on Monday. Investors will now focus on whether the polls show a closer race against Trump than when Biden was the Democratic candidate, Brown said. That tracked a broader rebound in chipmaking shares recovering some of the $100 billion in market value that was wiped off Taiwan’s TSMC, the world’s largest contract chipmaker, over the previous few sessions.

The tech sector is projected to increase year-over-year earnings by 17%, while profit for the communication services sector is seen rising about 22%, according to LSEG IBES, but richly valued stocks are also prone to disappointment. Having moved higher on Monday, benchmark 10-year Treasury yields inched two basis points lower to 4.24% and two-year yields, sensitive to interest rate expectations, were down 2 bp to 4.51%.

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