Rupee gains for 2nd straight day; settles 10 paise higher at 73.85 against dollar

EI DuPont De Nemours & Co. Q1 adjusted earnings of $0.91 per share

Below are the earnings highlights for EI DuPont De Nemours & Co. (DD):

-Earnings: $541 million in Q1 vs. -$550 million in the same period last year.
-EPS: $0.89 in Q1 vs. -$0.75 in the same period last year.
-Excluding items, EI DuPont De Nemours & Co. reported adjusted earnings of $550 million or $0.91 per share for the period.
-Revenue: $3.98 billion in Q1 vs. $3.67 billion in the same period last year.

-Guidance:
Next quarter EPS guidance: $0.93 – $0.95
Next quarter revenue guidance: $3.925 – $4.025 Bln
Full year EPS guidance: $3.60 – $3.75
Full year revenue guidance: $15.7 – $15.9 Bln

Gold Dips On Dollar Strength

Gold prices retreated from a two-month high on Tuesday as yields rose and the dollar strengthened amid optimism that a global economic recovery is gathering pace, thanks to successful vaccine rollouts in much of the developed world.

Spot gold dipped 0.6 percent to $1,782.44 per ounce, after having hit its highest since Feb. 25 at $1,797.75 on Monday. U.S. gold futures were up 0.6 percent at $1,781.80.

The U.S. dollar gained ground against its major rivals after Federal Reserve Chairman Jerome Powell said that U.S. economic outlook has clearly brightened amid faster vaccination rates and fiscal stimulus, but cautioned that the economy is “not out of the woods yet.”

“While the recovery is gathering strength, it has been slower for those in lower-paid jobs,” Powell said at a National Community Reinvestment Coalition event on Monday.

The central bank is focused on these longstanding disparities as they weigh on the productive capacity of the economy, he added.

New York Fed President John Williams noted that current conditions are “not nearly enough” for a shift in the monetary policy stance.

Investors await upcoming economic data to assess the strength of the rebound in the economy. Today’s U.S. economic docket features trade data and factory orders.

Other data that will be released in the week include ADP private sector payrolls on Wednesday, weekly jobless data on Thursday and nonfarm payrolls data on Friday.

Economists expect that nonfarm payrolls grew by 978,000 jobs in April, up from March’s gain of 916,000 jobs.

Minor League Baseball finally resumes after lost 2020 season

It’s been more than 19 months since the last official minor league baseball game – when the Sacramento RiverCats defeated the Columbus Clippers 4-0 to win the Triple-A National Championship.

That void finally comes to an end this week when a completely revamped version of minor league baseball makes its debut.

However, opening day 2021 will be without much of the pageantry and promotion that has made the minor leagues such a family-friendly way to enjoy the national pastime.

“There’s no question that there’s pent-up demand, and you can multiply that by 100 when you realize that most teams around the country are going to be opening under continuing restrictions of some sort,” Derek Sharrer, executive vice president and general manager of the St. Paul Saints, tells USA TODAY Sports.

Xylem Boosts FY21 Guidance – Quick Facts

While reporting financial results for the first quarter on Tuesday, water technology company Xylem Inc. (XYL) raised its adjusted earnings, revenue and organic revenue growth guidance for the full year 2021, based on commercial momentum and broad demand recovery.

For fiscal 2021, the company now projects adjusted earnings in a range of $2.50 to $2.70 per share, on revenues growth of 8 to 10 percent, with organic revenue growth of 5 to 7 percent.

Previously, the company expected adjusted earnings in the range of $2.35 to $2.60 per share, on revenues growth of 6 to 8 percent, with organic revenue growth of 3 to 5 percent.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $2.56 per share on revenue growth of 6.5 percent to $5.19 billion for the year. Analysts’ estimates typically exclude special items.

Rupee gains for 2nd straight day; settles 10 paise higher at 73.85 against dollar

At the interbank forex market, the rupee opened at 73.83, and hit an intra-day high of 73.76 and a low of 73.97. On Monday, the rupee had settled at 73.95 against the American currency.

The rupee gained for the second straight day and closed 10 paise higher at 73.85 (provisional) against the US dollar on Tuesday.

At the interbank forex market, the rupee opened at 73.83, and hit an intra-day high of 73.76 and a low of 73.97. On Monday, the rupee had settled at 73.95 against the American currency.

Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, surged 0.42 % to 91.33.

“Rupee traded strong as capital markets witnessed some sell-off. There is some support to USDINR at lower levels near 73.80 as crude prices hold rates that can keep prices on rupee resistance beyond 73.75. Going ahead rupee can be seen in a range of 73.75-74.25,” said Jateen Trivedi, Senior Research Analyst at LKP Securities.

On the domestic equity market front, the BSE Sensex ended 465.01 points or 0.95 % lower at 48,253.51, while the broader NSE Nifty declined 137.65 points or 0.94 % to 14,496.50.

Foreign institutional investors were net sellers in the capital market on Monday as they sold shares worth ₹2,289.46 crore, as per exchange data.

Brent crude futures, the global oil benchmark, rose 1.81 % to USD 68.78 per barrel.