Tuesday November 21st

21-11-2017

Dow futures rise 100 points on strong earnings

U.S. stocks futures pointed to a higher open Tuesday, as investors pored over strong corporate earnings. Dow Jones industrial average futures rose 100 points, while S&P 500 and Nasdaq 100 futures gained 8.5 points and 28.75 points, respectively. Lowe's, Medtronic, Hormel Foods and Dollar Tree both posted better-than-expected quarterly results Tuesday before the bell. On Monday, Intuit, Palo Alto Networks and Agilent Technologies reported better-than-expected earnings. After the bell Tuesday, Salesforce.com, Hewlett Packard Enterprise, GameStop, HP and Guess are some of the names expected to publish earnings. In the previous trading session, U.S. equities finished in positive territory, as concerns surrounding tax reform in the country eased. The Dow Jones industrial average rose over 70 points by the close Monday. On Monday, U.S. President Donald Trump said before a cabinet meeting that his administration was going to "give the American people a huge tax cut for Christmas," according to Associated Press. Concerns however still linger on Wall Street, as to whether a deal will come about and be finalized by the end of the year. On the data front, the Chicago Fed National Activity Index is set to be released at 8:30 a.m. ET, as is the Philadelphia Fed's Nonmanufacturing Business Outlook Survey. Existing home sales will then come out at 10 a.m. ET. Looking to the U.S. Federal Reserve, Fed Chair Janet Yellen is expected to participate at a moderated discussion with British economist Mervyn King. The event will take place at New York University's Stern School of Business.After the turbulence seen in oil last week, crude prices were ticking higher Tuesday, with Brent trading around $62.31 and U.S. WTI hitting $56.48 per barrel at 8:29 a.m. ET. Looking to markets in other regions, trade in Europe was ticking higher, while markets in Asia ended the session mostly higher. Japan's Nikkei 225 rose 154.72 points, or 0.7 percent, to 22,416.48 and the Topix index gained 11.48 points, or 0.65 percent, to 1,771.13. In South Korea, the Kospi closed up 3.03 points, or 0.12 percent, at 2,530.7. Chinese mainland markets also ended higher. The Shanghai composite rose 18.68 points, or 0.55 percent, to 3,411.08. The Shenzhen composite added 15.51 points, or 0.78 percent, to 1,987.45. In Hong Kong, the Hang Seng index added 1.22 percent at 3:12 p.m. HK/SIN. Gold prices inched higher on Tuesday, with investors waiting for minutes from the U.S. Federal Reserve's last meeting for clues on the outlook for potential rate rises. The minutes of the meeting, when it kept interest rates unchanged, will be released on Wednesday. Spot gold was up 0.09 percent at $1,277.89 per ounce. The metal fell about 1.4 percent on Monday in its biggest one-day percentage drop since Sept. 11. U.S. gold futures for December delivery gained 0.16 percent to $1,277.30.