6:41:22 AM
The S&P 500 advanced after key earnings reports showed economic optimism and confidence that supply-chain and cost issues are manageable. President Biden’s unveiled spending plan and a 3Q GDP reading that wasn’t as bad some feared also support stock gains.
Automakers rose, with Ford soaring after boosting its profit forecast, restoring its dividend and signaling that the persistent chips shortagemay be starting to lift. Europe’s biggest automakers Volkswagen and Stellantis also saidthe semi squeeze may have peaked.
Payments firms are in the green with Mastercardciting both healthy domestic spending and cross-border spending that’s returned to pre-pandemic levels. Strong demand outweighs supply-chain issues for heavy-machinery maker Caterpillar.
Big tech is mixed. Watch for reports from Appleand Amazon after the bell.