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U.S. stock-index futures traded flat on Tuesday, as market participants looked for fresh catalysts.

Global Stocks:

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FXStreet reports that economists at UBS think strong earnings and supportive policy will push the S&P 500 higher, led by cyclical sectors like energy and financials.

“The S&P’s rally has been underpinned by robust earnings growth, and this run of strength should continue. We expect revenues to be supported by robust consumer and business spending. Consumer balance sheets are the strongest in decades after households amassed significant savings over the last year. Meanwhile, businesses are struggling to keep up with demand, suggesting a long pipeline of investment projects and a need to rebuild inventories, both of which are supportive for the growth outlook.”

“Top Federal Reserve officials at last week’s Jackson Hole symposium restated that policy will remain supportive, even after bond purchases are scaled back. The Fed’s gradual approach aligns with our view that policymakers are eager to avoid a repeat of the 2013 taper tantrum.”

“Progress toward economic normalization - though uneven - continues. Globally, the pace of vaccinations accelerated last week to around 38 million daily, below the peak in June of 43 million, but up from around 20 million in May, according to Our World in Data."

“Our S&P 500 targets are 4,800 for June 2022 and 5,000 for end-2022. At a sector level we prefer financials, which should be well-supported by rising 10-year Treasury yields, and energy, which we expect to benefit from a further rise in oil prices in the second half of the year.”

Zoom Video (ZM) reported Q2 FY 2022 earnings of $1.36 per share (versus $0.92 per share in Q2 FY 2021), beating analysts’ consensus estimate of $1.16 per share.

The company’s quarterly revenues amounted to $1.022 bln (+54.0% y/y), beating analysts’ consensus estimate of $0.990 bln.

The company also issued mixed guidance for Q3 FY 2022 and upside guidance for the full FY 2022.

ZM fell to $309.43 (-10.96%) in pre-market trading.