By Johanna Bennett
U.S. stock futures rose on Tuesday, helped by better-than-expected blue chip earnings and China?s efforts to avoid a hard landing for its slowing economy.
About 30 minutes before the opening bell the Dow Jones Industrial Average futures rose 0.25% to 15,529 and those for the Standard &Poor?s 500 index climbed 0.13% to 1,692.5. Nasdaq futures rose 0.12% to 3,051.
On Monday, the S&P 500 index closed at yet another all-time high and the Dow closed within three points of its record high, despite disappointing results from Dow component McDonald?s (MCD)
The S&P 500 is up 15% so far this year.
Asian markets rose, led by a 2% jump in China?s Shanghai Composite Index after the state-run Beijing News reported that Premier Li Keqiang said China?s economic growth can?t be allowed to slip below 7%. China will stick to itsmonetary policy, but will take decisive measures to support reasonable infrastructure and social welfare investment and develop the export sector, service industry and small firms, Li was quoted on Monday as saying.
Japan?s Nikkei Stock Average gained 0.8% after the Japanese government hiked its economic outlook.
European shares climbed Tuesday, hitting seven-week highs amid?deal activity sparking a sharp rally in telecoms stocks.
In the U.S, the Federal Housing Finance Agency is on tap to release its May home-price index. Figures are expected to show a rise of 0.8% on the month. Recent housing-market reports have been disappointing with?housing starts and existing-home sales dropping?unexpectedly in June.
A reading on manufacturing activity in the Richmond region is due out at 10 a.m.
August gold futures pulled back 0.4% to $1,330 an ounce. On Monday, futures climbed 3.3% to settle at a one-month high. September crude oil futures fell 0.8% to $106.11 a barrel. The dollar edged higher against the euro and the yen.
But undoubtedly, the spotlight today is on corporate earnings, with major technology companies like Apple (AAPL) due to report after the bell. Apple shares were up 0.3% t at $427.51 in premarket trade.
U.S. insurer Travelers (TRV) posted an 85% rise in quarterly profit, helped by lower disaster losses. The stock jumped 1.4% to $86.65 in premarket trade.
Netflix (NFLX) shares fell 4% to $251.44 in premarket trade. On Monday afternoon, the online-entertainment firm reported disappointing subscriber growth.
United Parcel Service (UPS) posted a smaller quarterly profit as customers chose slower, cheaper shipping services. The company lowered earnings expectations earlier this month.
DuPont (DD) shares climbed 4% in early trading after the chemical producer reported a drop in second quarter earnings and said it was considering a spinoff or potential sale of its performance-chemical business.
United Technologies (UTX) reported quarterly earnings above Wall Street estimates, and Lockheed Martin (LMT) gained 2.9% after an earnings beat.
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