Stocks- U.S. Futures Increase as Investors Focus on Earnings
U.S. futures pointed to a higher opening bell on Tuesday, as investors turn their attention to the latest batch of major earnings.
The S&P 500 futures rose 6 points, or 0.22%, to 2,856.25 as of 6:50 AM ET (10:50 GMT) while Dow futures were up 86 points, or 0.34%, to 25,554.0. Meanwhile tech heavy Nasdaq 100 futures increased 20 points, or 0.28%, to 7,464.75.
Earnings season continues, with the biggest focus on Walt Disney Company (NYSE:DIS) and Snap Inc (NYSE:SNAP), which both report after the close. Disney was up 0.87% in pre-market trading while Snap rose 0.15%.
Investors will be looking closely for news of Disney’s new streaming platform. It’s also the last earnings report before the company merges with Twenty-First Century Fox Inc (NASDAQ:FOX), which reports on Wednesday.
Papa John's International Inc (NASDAQ:PZZA), Discovery Inc Class A (NASDAQ:DISCA), The Wendy’s Co (NASDAQ:WEN), and others are also expected to report their financial results.
The quarter has been profitable for corporations, with almost 80% of the S&P 500 since Monday posting better-than-expected profits, according to FactSet.
Meanwhile Facebook (NASDAQ:FB) rose 0.71% while Chinese e-commerce site Jd.Com Inc Adr (NASDAQ:JD) surged 1.11%.
Elsewhere Tesla (NASDAQ:TSLA) dipped 0.42% while General Electric (NYSE:GE) was down 0.38%.
While trade war rhetoric has abated, tensions between the U.S. and China are likely to be on the back of investors minds. On Friday Beijing said it was ready to retaliate with tariffs on up to $60 billion of U.S. goods after the White House planned to propose 25% tariffs instead of 10% on $200 billion of imported Chinese goods.
In economic news, the Job Openings and Labor Turnover Survey (JOLTS) comes out at 10:00 AM ET (14:00 GMT) while consumer credit is released at 3:00 PM ET (19:00 GMT).
In Europe stocks were up. Germany’s DAX rose 91 points or 0.72% while in France the CAC 40 increased 39 points points or 0.72% and in London, the FTSE 100 was up 61 points or 0.80%. Meanwhile the pan-European Euro Stoxx 50 gained 26 points or 0.77% while Spain’s IBEX 35 inched up 68 points or 0.70%.
In commodities, gold futures rose 0.45% to $1,223.20 a troy ounce while crude oil futures were up 0.88% to $69.62 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, was down 0.26% to 94.94.