Markets

Futures Point To Lower Open For Wall Street

(RTTNews) - Reaction to reports on Consumer Confidence and Pending Home Sales will be the focus on Tuesday. Google parent Alphabet will be releasing their quarterly results after the close of today's trading.

Pfizer reported its earnings before the bell and recorded a surge in earnings, while revenue were down five percent from the prior year.

Asian shares finished broadly higher. European shares are trading on a negative territory.

Early cues from the U.S. Futures Index point to a lower open.

As of 8.05 am ET, the Dow futures were losing 60.00 points, the S&P 500 futures were down 4.00 points and the Nasdaq 100 futures were down 5.50 points.

The major averages ended the session off their best levels of the day but still firmly in positive territory. While the S&P 500 climbed 16.87 points or 0.6 percent to 3,039.42, the Nasdaq jumped 82.87 points or 1 percent to 8,325.99 and the Dow rose 132.66 points or 0.5 percent to 27,090.72.

On the economic front, Redbook data for the week will be issued at 8.55 am ET. The store sales in the prior week was up 4.3 percent.

Standard and Poor's Corelogic Case-Shiller HPI for August will be issued at 9.00 am ET. The consensus is for a decline of $0.1 percent, while it was unchanged in the prior month.

Consumer Confidence data for October will be released at 10.00 am ET. The consensus is for 128.5, while it was 125.1 in the prior week.

Pending Home Sales Index for September will be revealed at 10.00 am ET. The consensus is for an increase of 0.7 percent, while it was up 1.6 percent in the previous month.

Eight Week Treasury Bill auction will be held at 11.00 am ET.

In the corporate sector, Pfizer Inc. reported a profit for third-quarter 2019 that increased 87 percent from last year .The company raised midpoint of its 2019 revenues guidance range by $200 million, and increased the midpoint of adjusted earnings per share by $0.16. Third-quarter net income grew 87 percent to $7.68 billion from the prior year's $4.11 billion, with earnings per share improving to $1.36 from $0.69 last year.

Quarterly revenues were $12.68 billion, a decrease of 5 percent from the prior-year quarter.

Asian stocks ended broadly higher on Tuesday. Chinese shares fell despite Trump's upbeat remarks about prospects for a trade deal with China being agreed ahead of expectations. The benchmark Shanghai Composite index dropped 25.87 points, or 0.87 percent, to 2,954.18 while Hong Kong's Hang Seng index ended down 0.39 percent at 26,786.76.

Japanese shares hit their highest level in more than a year. The Nikkei average climbed 106.86 points, or 0.47 percent, to 22,974.13 after hitting as high as 23,008.43 earlier in the day, marking the highest since Oct. 11, 2018. The broader Topix index closed 0.86 percent higher at 1,662.68.

Australian markets closed on a flat note. The benchmark S&P/ASX 200 index inched up 4.70 points to 6,745.40 while the broader All Ordinaries index ended up by 6 points at 6,848.50.

European shares are trading in the red. Among the major indexes in the region, the CAC 40 Index of France is losing 3.88 points or 0.07 percent, the German DAX is declining 20.55 points or 0.16 percent, the U.K. FTSE 100 Index is down 53.07 points or 0.72 percent. The Swiss Market Index is sliding 21.07 points or 0.21 percent.

The Euro Stoxx 50 Index, which is a compilation of 50 blue chip stocks across the euro area, is down 0.18 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.