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Wall Street to open mostly higher buoyed by company earnings

Wall Street is set to continue its rebound after Monday’s rout, as investors put aside concerns about the Delta variant and concentrate on the positives for the economic recovery. The Dow Jones Industrial Average is expected to open 157 points or 0.45% higher. The S&P 500, which on Tuesday saw its biggest one day gain since March, is set to rise 0.27% although the Nasdaq Composite is spoiling the party a little, forecast to fall 0.11%. Ahead of the open Johnson & Johnson (NYSE:JNJ) beat expectations with its second-quarter results. Sales rose 27% while net earnings advanced 73.1%. The Coca-Cola Company (NYSE:KO) also reported a strong second-quarter performance and raised its guidance for the full year. Revenues rose 37% while earnings per share were up 48%. After its new zero sugar Coke launched in various parts of the world including Japan, Turkey and parts of Europe and saw 15% growth so far this year, it is now available in the US. J&J’s shares are up 1% in pre-market trading while Coca-Cola is 2% better. As an indicator of the growing strength of the US economy, 60 S&P companies had reported results before today, and 85% of them had beaten analysts’ forecasts. Four things to watch for on Wednesday: Other notable earnings today will be coming from mobile network operator Verizon Communications Inc (NYSE:VZ), electronics group Texas Instruments Inc (NASDAQ:TXN) and insurance firm Anthem Inc (NYSE:ANTM) Shares in Netflix Inc (NASADAQ:NFLX) are likely to see fallout from its results overnight, which saw subscriber growth continue to slow Tesla Inc (NASDAQ:TSLA) may also draw attention after Elon Musk said the company will open up its supercharger stations to other electric vehicles On the macro front, investors may be interested in the latest US mortgage application data