US stock futures little changed ahead of earnings
NEW YORK — U.S. stock futures are little changed Tuesday, a day after major indexes reached their highest levels in a year.
Overseas, European stocks slid on weak economic data, while Asian stocks rose moderately. Major stock indexes in Britain and Germany had also hit one-year highs on Monday.
Investors around the globe had sent stocks higher on Monday on hopes that third-quarter earnings reports, which begin in earnest this week, will exceed expectations and validate the market’s growing belief that the economy is on the mend.
On Tuesday, investors will get reports from consumer products maker Johnson & Johnson, tech giant Intel Corp. and railroad operator CSX Corp.
Ahead of the market’s open, Dow Jones industrial average futures rose 5, or 0.1 percent, to 9,824. Standard & Poor’s 500 index futures rose 0.4, or 0.04 percent, to 1,071.90, while Nasdaq 100 index futures fell 2.50, or 0.1 percent, to 1,725.25.
In late morning trading, Britain’s FTSE 100 was down 0.2 percent, Germany’s DAX index fell 0.4 percent, and France’s CAC-40 was down 0.3 percent. Earlier Tuesday, Japan’s Nikkei stock average rose 0.6 percent and Hong Kong’s Hang Seng index gained 0.8 percent.
The Dow Jones industrial average moved as high as 9,931 on Monday, just 69 points away from 10,000, a level not seen in a year. It was the third straight day of gains for the index. The Standard & Poor’s 500 index, which has risen over the past six sessions, also finished at its highest level in a year.
The gains have been driven in large part by expectations for upbeat earnings reports, stoked by solid profits at companies like Alcoa Inc. and Royal Philips Electronics.
Investors want to see signs that businesses and consumers are picking up their spending and that companies have been able to drive higher profits through revenue growth, not just through deep cost cuts, which helped boost income in the second quarter.
Also on tap this week are reports from a number of the largest U.S. banks, including JPMorgan Chase & Co., which reports on Wednesday. Goldman Sachs Group Inc. and Citigroup Inc. report results on Thursday, while Bank of America Corp. is scheduled to issue its report on Friday.
Bond prices rose in early trading. The yield on the benchmark 10-year Treasury note, which moves opposite its price, rose to 3.34 percent from 3.38 percent late Friday. The bond market was closed Monday in observance of the Columbus Day holiday.
The dollar slipped against other major currencies, while gold prices rose.
Oil rose 71 cents to $73.98 a barrel in premarket electronic trading on the New York Mercantile Exchange.
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