US pre-open: Stocks seen touch higher as investors eye earnings season
US futures pointed to a marginally firmer open on Wall Street on Tuesday, as investors looked ahead to the start of earnings season.
At 1150 GMT, Dow Jones Industrial Average futures were up 0.2%, while S&P 500 and Nasdaq futures were flat and 0.1% higher, respectively.
Oanda analyst Craig Erlam said: “Friday marks the unofficial start of earnings season and given the relative lack of notable economic events at the start of the week, it’s not surprising to see little movement so far. Equity markets in the US are trading at record highs and with high expectations for earnings season already baked in, there may be an element of caution among investors who will be eagerly anticipating the first batch of results.”
In corporate news, ecommerce company Alibaba was a little higher in pre-market trade after founder Jack Ma said he would consider a Hong Kong listing.
Elsewhere, Intel shares were steady after chief executive Brian Krzanich delivered a speech at CES late on Monday in which he outlined advances in virtual reality and other technologies.
Supervalu was among the companies due to report earnings ahead of the bell.
On the data front, the National Federation of Independent Businesses’ index of small business optimism fell to 104.9 in December from 107.5 the month before, missing expectations for a reading of 108.4.
Still to come, JOLTS job openings are at 1500 GMT, while Fed President Neel Kashkari is due to take part in a panel discussion 1500 GMT at the suburban Minneapolis headquarters of conglomerate Cargill.
Looking ahead to the rest of the week, investors will watch out for inflation and retail sales figures for December.
“At a time when questions are being asked about whether the Federal Reserve should be pursuing such aggressive tightening, these numbers are very important in determining whether such a move is warranted or should be halted,” said Erlam.