Advertisment
U.S. stock futures were higher early Tuesday, pointing to a positive open as investors await earnings reports from some of the nation’s largest banks.
Futures for Dow Jones Industrials surged 114 points, or 0.4%, early Tuesday, to 26,082.
Futures for the S&P 500 gained 7.75 points, or 0.2%, at 3,155.50.
Futures for the NASDAQ lost seven points, or 0.1%, to 10,593.
Bank earnings kick off on Tuesday with Citigroup, JPMorgan Chase and Wells Fargo all set to report before the opening bell.
While corporate profits are expected to fall by 44% in the second quarter, the financial sector is expected to see a more than 52% decline in profits.
Delta Air Lines and Fastenal also report quarterly earnings results on Tuesday.
On Monday, stocks were helped by news that Pfizer and German biotech BioNTech SE were granted fast track designation by the Food and Drug Administration for two of the companies’ four vaccine candidates against the coronavirus.
Cases continued to hit record levels across the U.S. over the weekend as a number of hot-spot states continue to see COVID-19 deaths gradually rise, according to data compiled by Johns Hopkins University. California Gov. Gavin Newsom is ordering some indoor businesses — including restaurants, bars, movie theaters and museums — to reclose statewide as new cases continue to rise.
A key indicator of inflation trends, the consumer price index will be released by the Labor Department at 8:30 a.m. ET. Economists polled by Dow Jones estimate U.S. consumer prices rose 0.5% in June.
Overseas, in Tokyo, the Nikkei 225 ditched 0.9% Tuesday, while in Hong Kong, the Hang Seng index lost 1.1%.
Oil prices handed back 44 cents to $39.66 U.S. a barrel.
Gold prices slumped $18.30 to $1,795.30.
