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Stocks May Open Higher On Upbeat Earnings News - U.S. Commentary

wallstreet sept13 23apr19 lt

Stocks are likely to move to the upside in early trading on Tuesday following the lackluster performance seen in the previous session. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 58 points.

Early buying interest is likely to be generated in reaction to upbeat earnings news from a number of big-name companies, including Dow components United Technologies (UTX) and Coca-Cola (KO).

United Technologies and Coca-Cola are both moving notably higher in pre-market trading after reporting better than expected first quarter results.

Fellow Dow components Procter & Gamble (PG) also reported first quarter results that exceeded estimates, although the consumer products giant is seeing pre-market weakness.

Meanwhile, well known companies such as Hasbro (HAS), Whirlpool (WHR), and Twitter (TWTR) are likely to see initial strength on upbeat earnings news.

eBay (EBAY), Snap (SNAP), TD Ameritrade (AMTD), and Texas Instruments (TXN) are among the companies scheduled to release their quarterly results after the close of today's trading.

Shortly after the start of trading, the Commerce Department is scheduled to release its report on new home sales in the month of March.

New home sales are expected to drop by 2.5 percent to an annual rate of 650,000 in March after jumping to a rate of 667,000 in February.

Stocks recovered from an initial move to the downside but showed a lack of direction over the remainder of the trading session on Monday. The major averages spent most of the day bouncing back and forth across the unchanged line.

The major averages eventually ended the session mixed. While the Dow dipped 48.49 points or 0.2 percent to 26,511.05, the Nasdaq rose 17.21 points or 0.2 percent to 8,015.27 and the S&P 500 inched up 2.94 points or 0.1 percent to 2,907.97.

In overseas trading, stock markets across the Asia-Pacific region moved mostly higher, although China's Shanghai Composite Index bucked the uptrend and fell by 0.5 percent. Japan's Nikkei 225 Index edged up by 0.2 percent and Australia's S&P/ASX 200 Index jumped by 1 percent.

Meanwhile, the major European markets are turning in a mixed performance on the day. While the U.K.'s FTSE 100 Index has climbed by 0.5 percent, the French CAC 40 Index is down by 0.1 percent and the German DAX Index is down by 0.2 percent.

In commodities trading, crude oil futures are inching up $0.08 to $65.63 barrel after jumping $1.70 to $65.70 a barrel on Monday. Meanwhile, after rising $1.60 to $1,277.60 ounce in the previous session, gold futures are sliding $4 to $1,273.60 an ounce.

On the currency front, the U.S. dollar is trading at 111.92 yen compared to the 111.94 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is valued at $1.1229 compared to yesterday's $1.1257.

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