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Stocks- U.S. Futures Rise as Earnings Season Under Way

Stock MarketsApr 17, 2018 06:46AM ET
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© Reuters. U.S. futures pointed to a higher opening bell on Tuesday. – U.S. futures were higher as earnings season kicked off and investors looked ahead to economic data.

The S&P 500 futures was up over 13 and a half points or 0.50% to 2,695.25 as of 6:44 AM ET (10:44 GMT) while Dow futures increased 150 points or 0.61% to 24,713.0. Meanwhile tech heavy Nasdaq 100 futures rose 33 and a half points or 0.50% to 6,745.50.

Investors are looking ahead to a flurry of earnings reports. Charles Schwab (NYSE:SCHW), Goldman Sachs (NYSE:GS), Johnson & Johnson (NYSE:JNJ), and UnitedHealth Group Incorporated (NYSE:UNH) are just some of the companies expected to report their financial results before the morning bell. IBM (NYSE:IBM) will release its earnings after the market close.

Netflix (NASDAQ:NFLX) was among the biggest gainers in pre-market trading, surging 7.22% after the streaming service exceeded expectations for new subscribers. Twitter Inc (NYSE:TWTR) gained 2.55% while Nokia (HE:NOKIA) Corp ADR (NYSE:NOK) increased 1.78%.

Elsewhere Tesla (NASDAQ:TSLA) dipped 1.45% after it temporarily stopped its Model 3 production line and Chinese e-commerce giant Alibaba (NYSE:BABA) inched down 0.46%.

In economic news, housing starts are expected at 8:30 AM ET (12:30 GMT) while industrial production comes out at 9:15 AM ET (13:15 GMT).

On the central banking front, San Francisco President John Williams will speak in Madrid, Spain, while Philadelphia Fed President Patrick Harker is at Saint Joseph’s University in Philadelphia and Chicago Fed President Charles Evans is expected at the Chicago Rotary Club Luncheon. Meanwhile Fed Governor Randal Quarles is set to appear before the House Financial Services Committee.

On the political front, U.S. President Donald Trump is hosting a two-day visit for Japanese Prime Minister Shinzo Abe in Florida. The two are expected to talk about peace and stability in the Indo-Pacific region and trade.

In Europe stocks were up. Germany’s DAX rose 115 points or 0.93% while in France the CAC 40 increased 28 points or 0.53% and in London, the FTSE 100 was up 21 points or 0.30%. Meanwhile the pan-European Euro Stoxx 50 gained 24 points or 0.71% while Spain’s IBEX 35 surged 36 points or 0.38%.

In commodities, gold futures fell 0.44% to $1,344.80 a troy ounce while crude oil futures increased 0.08% to $66.27 a barrel. The U.S. dollar index which measures the greenback against a basket of six major currencies, was up 0.10% to 89.23.

Stocks- U.S. Futures Rise as Earnings Season Under Way

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