Futures higher as earnings take focus

Futures higher as earnings take focus

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., October 4, 2017. REUTERS/Brendan McDermid
REUTERS: U.S. stock index futures were slightly higher on Tuesday, with investors turning their focus to corporate earnings.* BlackRock and Delta Air Lines will kick off the third-quarter earnings season on Wednesday. The focus this week however, will be on big banks, with JPMorgan and Citigroup scheduled to report on Thursday.* Earnings at S&P 500 companies are expected to have increased 4.8 percent last quarter, according to Thomson Reuters data, down from the double-digit growth recorded in the first two quarters of this year.* Strong earnings, hopes of tax cuts and looser regulations have helped stocks rally this year. The S&P 500 managed to scale new highs all of last week, except Friday when weak job numbers stalled its progress.* Wall Street also hit record levels on Monday, before retreating as gains in technology stocks failed to offset a drop in General Electric and a slide in healthcare stocks.* Oil rose to around US$56 per barrel, supported by Saudi Arabian export cuts in November and comments from OPEC and trading companies that the market is rebalancing after years of oversupply.
* Minneapolis Federal Reserve President Neel Kashkari and his Dallas counterpart, Robert Kaplan, are due to make speeches, a day before the Fed releases the minutes of its September meeting, when it decided to leave interest rates unchanged.* Influential bond investor Bill Gross said on Monday financial markets were artificially compressed and capitalism distorted because of the Fed's loose monetary policy.* Among stocks, AIG slipped almost 1 percent in premarket trading after the insurer warned of higher catastrophe losses related to hurricanes Harvey, Irma and Maria in the third quarter.* Procter & Gamble was up 0.8 percent as its shareholders prepared to vote whether to give Trian Fund's Nelson Peltz a board seat or not.
* Eli Lilly fell 2.35 percent after its drug to treat non-small cell lung cancer failed in a late-stage study.* Honeywell rose nearly 1 percent after the manufacturer said it would spin off its home and ADI global distribution business as well as its transportation systems business into two publicly-traded companies.Futures snapshot at 7:02 a.m. ET (1102 GMT):* Dow e-minis were up 33 points, or 0.15 percent, with 14,441 contracts changing hands.* S&P 500 e-minis were up 3.75 points, or 0.15 percent, with 87,644 contracts traded.* Nasdaq 100 e-minis were up 9.75 points, or 0.16 percent, on volume of 14,495 contracts.(Reporting by Sruthi Shankar in Bengaluru; Editing by Savio D'Souza)
Source: Reuters