(RTTNews.com) - Stocks may move back to the upside in early trading on Tuesday after ending the previous session significantly lower. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 69 points.
The upward momentum on Wall Street partly reflects a positive reaction to earnings news from 3M Co. (MMM), with the diversified manufacturer climbing by 2.9 percent in pre-market trading.
3M reported fourth quarter results that beat analyst estimates on both the top and bottom lines, although the company lowered its full-year 2019 guidance due in part to the current external environment.
A mixed reaction to earnings news from big-name companies like Pfizer (PFE) and Verizon (VZ) may limit early buying interest, however, as traders look ahead to the release of results from companies like Apple ( AAPL ) after the close of trading.
The Federal Reserve's impending monetary policy announcement on Wednesday may also keep some traders on the sidelines along with the upcoming release of the Labor Department's monthly jobs report on Friday.
Traders also continue to express uncertainty about trade talks between the U.S. and China after the Justice Department unsealed sweeping criminal charges against Chinese tech giant Huawei and its chief financial officer Meng Wanzhou.
A ten-count indictment unsealed Monday details Huawei's efforts to steal trade secrets from T-Mobile USA and then obstruct justice when T-Mobile threatened to sue Huawei.
Shortly after the start of trading, the Conference Board is due to release its report on consumer confidence in the month of January. Economists expect the consumer confidence index to drop to 124.3 in January from 128.1 in December.
Stocks came under pressure early in the trading session on Monday and remained firmly negative throughout the day. With the steep drop on the day, the Dow and the Nasdaq pulled back off their best closing levels in over a month.
The major averages ended the day significant lower but off their worst levels. The Dow tumbled 208.98 points or 0.8 percent to 24,528.22, the Nasdaq plunged 79.18 points or 1.1 percent to 7,085.68 and the S&P 500 slumped 20.91 points or 0.8 percent to 2,643.85.
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