Stock futures rose again on Tuesday, one day after equity markets rebounded sharply on the back of President Donald Trump returning to the White House and continuing stimulus talks between lawmakers.
Dow futures were higher by 147 points, or 0.5%, while NASDAQ Composite futures were off 0.2% and the contract on the S&P 500 rose 0.2%, respectively. On Monday, the Dow reclaimed the 28,000 level, adding 465 points, or 1.7%.
Late Monday night, President Trump was discharged from Walter Reed Medical Center after having contracted COVID-19. The president will continue his treatment for the virus at the White House, his doctors said.
|I:DJI||DOW JONES AVERAGES||28148.64||+465.83||+1.68%|
|I:COMP||NASDAQ COMPOSITE INDEX||11332.485122||+257.47||+2.32%|
European stocks also eased a bit on Tuesday, as the Stoxx Europe 600 fell 0.2%, fractionally lower. The three major European indices, the DAX, CAC 40 and FTSE 100, were all trading within a few basis points of flat.
On the economic front, the U.S. trade balance was wider than expected, at $67.1 billion for August. Economists were looking for a $66.2 billion deficit, up from a prior reading of $63.6 billion. At 10 a.m., the closely watched JOLTS job openings figures will be released, with economists expecting a reading of 6.5 million.
Federal Reserve Chairman Jerome Powell is expected to virtually address the National Association for Business Economics (NABE) annual meeting at 10:40 a.m. in Chicago.
EARNINGS SEASON KICKS OFF
|LEVI||LEVI STRAUSS & CO.||15.01||+0.86||+6.08%|
The third-quarter earnings season is set to begin on Tuesday, with Paychex, Inc. and clothing manufacturer Levi Strauss & Co. reporting results.
Paychex, which reports prior to the market open, is expected to earn 55 cents a share for its most recent quarter. San Francisco-based Levi Strauss reports after the market closes, with traders looking for earnings of 22 cents a share.
Alphabet’s Google unit announced it would rename its Microsoft Office competitor from G Suite to Google Workplace, along with new pricing tiers to better compete in the marketplace.
|LOGI||LOGITECH INTERNATIONAL S.A.||80.77||+2.99||+3.84%|
Ahead of an expected launch for its new iPhone, speaker and headphones, Apple Inc. has stopped selling rival products in its retail stores, impacting brands such as Bose Corp., Sonos Inc. and Logitech International SA, Bloomberg reported.
The news comes after Cineworld, parent company of Regal, announced plans to suspend over 500 theatres in the U.S. starting Oct. 8, citing “challenging theatrical landscape” tied to COVID-19.
|USO||UNITED STATES OIL FUND L.P.||27.93||+1.58||+6.00%|
|GLD||SPDR GOLD SHARES TRUST – EUR ACC||179.41||+0.87||+0.49%|
Oil futures were rising again on Tuesday, gaining 0.7% to trade at $39.51 a barrel, while gold dipped 0.1% to trade at $1,917.30 an ounce.