Wall Street to open higher after strong retailer earnings

The main indices on Wall Street are expected to see a positive opening following forecast-beating results from two major retailers. Despite markets slipping back on Monday, the Dow Jones Industrial Average is expected to open 0.26% higher at 34,405 on Tuesday morning, while the S&P 500 is set to climb 0.31%. With a recovery in tech stocks forecast, the Nasdaq Composite is heading for an opening 0.7% gain. Meanwhile, Walmart Inc (NYSE:WMT) reported first quarter earnings per share of US$1.69, up from US$1.18 a year ago and expectations of a figure of US$1.2. Sales grew 6% with ecommerce sales up 37%. Chief executive Doug McMillon said: "Every segment performed well, and we're encouraged by traffic and grocery market trends. Our optimism is higher than it was at the beginning of the year...We anticipate continued pent-up demand throughout 2021." Home improvements group Home Depot Inc (NYSE:HD) was also upbeat. Earnings per share came in at US$3.86 for the first quarter compared to US$2.08 a year ago and forecasts of US$3.04. Revenues rose by 32.7% compared to an expected 22% increase. Four things to watch for on Tuesday: Large cap firms in the earnings diary include video game developer Take Two Interactive Software Inc (NASDAQ:TTWO) and Canadian cannabis firm Tilray Inc (NASDAQ:TLRY) Shares in retailer Macy’s Inc (NYSE:M) will be in focus after the company beat expectations with tis earnings and raised its guidance Amazon Inc (NASDAQ:AMZN) could also draw some attention following reports the ecommerce giant is in talks to buy movie studio MGM On the macro front, US housebuilding data may be of interest to some investors