Investing.com - U.S. stock futures pointed to a steady open on Tuesday, as investors digested earnings and looked ahead to U.S. retail sales data later in the session.
During early morning hours in New York, the Dow Jones Industrial Average futures slipped 4 points, or 0.03%, the S&P 500 futures dipped 1 point, or 0.04%, while the Nasdaq 100 futures increased 3 points, or 0.07%.
Ahead of the opening bell, the Commerce Department is expected to report that retail sales rose by 0.2% in June, after rising 1.2% in May. Core sales are forecast to gain 0.5%, after increasing 1.0% in May. The U.S. is also to release data on import prices and business inventories later Tuesday.
Wednesday’s testimony by Federal Reserve Chair Janet Yellen to the Senate Banking Committee will also be closely watched for any indication on when U.S. interest rates may start to rise.
Last week, Fed Chair Yellen said that the central bank is on track to raise interest rates at some point this year, but warned over weakness in the labor market.
In earnings news, JP Morgan Chase (NYSE:JPM), the largest U.S. bank, reported stronger-than-expected second quarter earnings and revenue ahead of Tuesday’s opening bell, sending its shares 1.5% higher in pre-market trade.
JP Morgan said adjusted earnings per share came in at $1.54 in the three months ended June 30, up from $1.46 a share a year earlier and above expectations for adjusted earnings of $1.44 a share. The bank’s revenue totaled $24.53 billion in the April-to-June quarter, beating estimates for revenue of $24.5 billion.
Besides JP Morgan, Johnson & Johnson (NYSE:JNJ), Yum! Brands (NYSE:YUM) and CSX (NYSE:CSX) are also due to report quarterly results.
Amongst the most active pre-market stocks, Micron Technology (NASDAQ:MU) rallied 12.1% ahead of the bell after a report late Monday that China’s Tsinghua Unigroup has submitted a $23 billion bid to buy out the U.S. memory-chip maker.
Oil producers, such as Exxon Mobil (NYSE:XOM) and BP (LONDON:BP) could come under pressure after Iran and six world powers reached a long-awaited nuclear deal that would end sanctions on Tehran in exchange for curbs on the country's disputed nuclear program.
The accord will allow Iran to resume oil exports, sending crude prices down by more than $1 in New York and London. A deal is viewed as bearish for oil prices, as Iran reportedly hoards 30 million barrels of crude in its reserves ready for export.
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