U.S. Stocks May Open Higher On Upbeat Earnings News
(RTTNews) - Stocks are likely to move to the upside in early trading on Tuesday, adding to the gains posted in the previous session. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 107 points.
A positive reaction to earnings news from Dow components Coca-Cola (KO) and United Technologies (UTX) may contribute to early strength on Wall Street.
Shares of Coca-Cola are jumping by 3.8 percent in pre-market trading after the beverage giant reported second quarter results that beat analyst estimates and raised its full-year revenue forecast.
Conglomerate United Technologies is also seeing pre-market strength after reporting better than expected second quarter results and boosting its full-year outlook.
On the other hand, fellow Dow component Travelers (TRV) may move to the downside after the insurer reported second quarter earnings that missed expectations.
Snapchat parent Snap Inc. (SNAP), Chipotle Mexican Grill (CMG), and Visa (V) are among the companies due to report their quarterly results after the close of today's trading.
Shortly after the start of trading, the National Association of Realtors is due to release its report on existing home sales in the month of June.
Economists expect existing home sales to edge up by 0.2 percent in June after jumping by 2.5 percent in May.
Stocks moved mostly higher during the trading session on Monday, rebounding following the pullback that was seen last week. Buying interest was somewhat subdued, however, limiting the upside for the major averages.
The major averages all closed in positive territory, although the tech-heavy Nasdaq outperformed its counterparts. While the Nasdaq climbed 57.65 points or 0.7 percent to 8,204.14, the Dow edged up 17.70 points or 0.1 percent to 27,171.90 and the S&P 500 rose 8.42 points or 0.3 percent to 2,985.03.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan's Nikkei 225 Index jumped by 1 percent, while Hong Kong's Hang Seng Index rose by 0.3 percent.
The major European markets have also moved to the upside on the day. While the German DAX Index has surged up by 1.7 percent, the U.K.'s FTSE 100 Index and the French CAC 40 Index are both up by 0.1 percent.
In commodities trading, crude oil futures are slipping $0.21 to $56.01 barrel after climbing $0.46 to $56.22 a barrel on Monday. Meanwhile, after inching up $0.20 to $1,426.90 ounce in the previous session, gold futures are falling $2.10 to $1,424.80 an ounce.
On the currency front, the U.S. dollar is trading at 108.15 yen compared to the 107.87 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1171 compared to yesterday's $1.1209.