Stock Futures Propped Up by Rally in China, Oil; S&P 500 Within Range of Record High

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Fueled by a rally in global equities and Wall Street's impressive performance on Monday that lifted the S&P 500 just shy of its all-time high, US stock futures were set to open higher on Tuesday with Dow futures trading almost 100 points above fair value.

With US/China trade tensions taking a backseat to upbeat corporate earnings, gains were noted in energy, industrials, tech stocks and the banking sector as the 10-year Treasury yield rose another basis point in tandem with investors' appetite for risk.

With the help from Beijing's release of more liquidity and giving retirement funds the ok to invest in stocks, the Shanghai enjoyed its largest one-day rally in two years. The upbeat price action spilled into Europe where investors shrugged off soft German industrial production and trade data to drive the Euro Stoxx 60 to its highest level in a week.

Wall Street is also supported by strength in the energy complex as sanctions against Iran go into effect Tuesday. Consequently, Brent crude hit its highest level in five days, gaining 1.4% in early trade.

For Tuesday, investors will be focused on quarterly results from Disney ( DIS ), Snap ( SNAP ) and Wendy's ( WEN ) after the close as well as this morning's economic data that includes the June job openings and labor turnover survey (JOLTS) at 10 am ET and consumer credit at 3 pm ET.

-Dow Jones Industrial up 0.34%

-S&P 500 futures up 0.21%

-Nasdaq 100 futures up 0.27%


Nikkei up 0.69%

Hang Seng up 1.54%

Shanghai Composite up 2.74%

FTSE-100 up 0.98%

DAX-30 up 0.85%


(+) Large cap tech: Higher

(+) Chip stocks: Higher

(+) Software stocks: Higher

(+) Hardware stocks: Higher

(+) Internet stocks: Higher

(+) Oil stocks: Higher

(+/-) Biotech stocks: Flat

(+/-) Drug stocks: Flat

(+) Financial stocks: Higher

(-) Retail stocks: Lower

(+) Industrial stocks: Higher

(+/-) Airlines: Flat

(+) Autos: Higher


(+) EKSO (+18.68%) Ford ( F ) using EksoVest to protect employees

(+) IMMY (+16.67%) Q2 EPS and revenue increased Y-O-Y

(+) MNK (+16.54%) Reported better-than-expected Q2 results and raised FY18 EPS guidance

(+) TWLO (+15.34%) Beat Q2 estimates, issued upbeat Q3 and FY18 guidance


(-) ONCE (-30.42%) Two patients in haemophilia trial had "concerning" immune response

(-) GEMP (-29.56%) Amended agreement with Pfizer ( PFE ) for Gemcabene, FDA requested more data

(-) Z (-16.77%) Reported Q2 loss, acquired Mortgage Lenders of America

(-) DF (-11.11%) Beats Q2 EPS and sales estimates but cuts FY EPS outlook below street

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

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

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