Tech giants Apple and Microsoft partly missed estimates after hours but most important for what looks to be a generally higher open for US markets is the lack of conviction in sanctions offered by the EU against Russia; lessening the chance of lost trade for international companies. Futures suggest the Dow Jones will open 10 points higher at 17,123 with the S&P500 expected to open unchanged at 1,983 and the Nasdaq 2 points higher at 3,963. Before the US opening bell there will be earnings from Boeing, PepsiCo, Delta Airlines and Biogen while after the close AT&T, Gilead Sciences and Facebook report. Fed Chair Janet Yellen in her congressional testimony stated that some social media and biotech stock valuations look “stretched”. While the Federal Reserve is perhaps not the best source of equity analysis the comments do highlight the importance of today’s earnings reports from Biogen, Gilead Sciences and Facebook in justifying overall stock market valuations. A steadily improving global economy and renewed air travel demand is expected to help Boeing plane orders while increasing global geopolitical tensions is good for defence spending. The company is expected to report earnings of $2.01 per share on revenue of $22.33bn. A fall in sales from Coca-Cola yesterday doesn’t bode well for soda rival PepsiCo today. Coke did blame the drop partly on restructuring but wider market dynamics like the soft drinks regulations in Mexico are likely to have had similar negative impacts. The company is expected to earn $1.23 per share on revenue of $22.23bn. Global air travel is steadily increasing since the financial crisis but not without its troubles thanks to Malaysia Airlines. Delta Airlines has been improving customer service with flat bed and on-demand entertainment available on all international flights, matching the service offered by its part-owned flight sharing partner Virgin Atlantic. Delta is expected to earn $1.04 per share on revenue of $10.65bn. CMC Markets is an execution only provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.