S&P 500 futures rise after better-than-expected J&J, Bank of America results: Live updates

Americans have never been this pessimistic about the economy or the stock market in the 17-year history of CNBC’s All-America Economic Survey.

A record 69% of respondents have a negative view of the economy, while just 24% say this is a good time to invest in stocks.

All those downbeat feelings are taking a toll on President Joe Biden’s ratings: Just 39% approve of the job he’s doing, while 55% disapprove.

—Jeff Cox

Lockheed Martin shares added more than 1% before the bell after posting first-quarter earnings results that beat analyst expectations on both the top and bottom lines.

The aerospace company also reaffirmed its EPS and revenue guidance for the full year.

Shares of Bank of America rose 3% before the bell after the banking giant topped earnings expectations on both the top and bottom lines as interest rates rose.

The bank reported first-quarter earnings of 94 cents a share on $26.39 billion in revenue. That beat expectations of EPS of 82 cents on $25.13 billion in revenue, according to Refinitiv estimates.

Higher interest rates helped boost Bank of America’s net interest income by 25% to $14.4 billion in the period.

— Samantha Subin, Yun Li

Shares of Johnson & Johnson were higher in premarket trading after the drug and consumer products giant reported better-than-expected results for the first quarter.

J&J said sales for the period increased 5.6% to $24.75 billion, above the $23.67 billion consensus estimate of analysts polled by Refinitiv. Adjusted earnings came in at $2.68 per shares ex-items, above the consensus estimate of $2.50 a share from Refinitiv.

The CEO noted “strong performance” across all three business segments with the company raising its 2023 guidance midpoints. Shares of the Dow member gained more than 1% in premarket trading.

Pharma giant GSK announced it would buy Canada’s Bellus Health Inc, a drug development company, in an all-cash deal worth $2 billion.

Its offer of $14.75 per share is more than double the value of Bellus shares’ closing price on the Nasdaq on Monday.

Luke Miels, GSK’s chief commercial officer, said Camlipixant, a treatment under development for chronic coughs, had the “potential to be a best-in-class treatment with significant sales potential.”

GSK shares were 0.2% lower at 8:30 a.m. in London.

— Jenni Reid

Europe’s Stoxx 600 index was up 0.2% shortly after the open, with all sectors posting gains — though they were modest.

The U.K.’s FTSE 100 was up 0.3%, Germany’s DAX up 0.26% and France’s CAC 40 up 0.23% as investors assess corporate earnings and economic conditions.

China’s gross domestic product rose by 4.5% in the first quarter of 2023, the National Bureau of Statistics said Tuesday.

That was compared with the 4% forecast in a Reuters poll and marks the fastest growth seen since the first quarter of last year. The economy expanded 2.9% in the fourth quarter of 2022.

Retail sales jumped by 10.6% in March, higher than Reuters’ expectations to see 7.4% growth – industrial output rose 3.9% for the month, lower than the forecast of 4% by Reuters.

The Chinese yuan strengthened 0.1% to 6.8712 against the U.S. dollar after the report.

– Jihye Lee

Hong Kong shares of electric vehicle makers Nio, Xpeng and Li Auto bucked the larger downturn on the Hang Seng index on Tuesday, tracking gains in their U.S.-listed shares.

On Monday, Xpeng’s U.S. shares surged nearly 13% after the electric vehicle maker unveiled a new production platform aimed at improving costs and production speeds.

Xpeng’s Hong Kong shares climbed 6.02% in early trade Tuesday, while Nio and Li Auto gained 1.96% and 2.56% respectively.

The Reserve Bank of Australia warned of further tightening in monetary policy could come if needed, minutes released from its April meeting showed on Tuesday.

The central bank’s board “members observed that it was important to be clear that monetary policy may need to be tightened at subsequent meetings and that the purpose of pausing at this meeting was to allow time to gather more information,” it said in its statement.

Board members had debated between raising its benchmark interest rate by 25 basis point and holding the rates steady, adding the case for the latter was stronger.

The RBA kept its policy rate unchanged earlier this month.

– Jihye Lee

Japan’s central bank is considering to lower its inflation outlook for the economy’s fiscal year of 2025, Jiji Press reported on Tuesday.

The Bank of Japan will consider introducing a new inflation forecast for fiscal 2025 to “a year-on-year rate of change in the upper 1% range,” the report said, adding that it will be reflected in the next quarterly outlook report to be released later this month.

Governor Kazuo Ueda is slated to appear in Japan’s parliament later today, Reuters reported.

– Jihye Lee

Johnson & Johnson’s first quarter earnings results are set to release Tuesday before the open. Analysts polled by Refinitiv are forecasting earnings of $2.50 per share on revenue of $23.67 billion.

— Sarah Min

J.B. Hunt Transport Services shares slid 2% in extended trading after the transportation and logistics firm missed expectations in its first quarter results due to weaker demand, lower prices and higher costs.

J.B. Hunt reported earnings of $1.89 per share on revenue of $3.23 billion. Analysts polled by Refinitiv forecasted earnings of $2.00 per share on revenue of $3.40 billion.