Futures rise as Apple ekes out gains as earnings gather steam
2022.07.19 15:25
FILE PHOTO: A Wall Street sign outside the New York Stock Exchange in New York City, New York, U.S., October 2, 2020. REUTERS/Carlo Allegri
(Reuters) – U.S. stock index futures rose on Tuesday as Apple shares (NASDAQ:AAPL) edged higher after sharply dropping in the previous session, while investors focused on another round of earnings to gauge the strength of corporate America.
Shares of the iPhone maker rose 0.3% in premarket trading on Tuesday, along with other high-growth stocks including Tesla (NASDAQ:TSLA) Inc, Microsoft Corp (NASDAQ:MSFT), Meta Platforms Inc and Amazon.com Inc (NASDAQ:AMZN).
Apple fell 2% and dragged U.S. stocks lower on Monday after a report that the company will slow hiring and spending growth next year.
Shares of Boeing (NYSE:BA) Co added 2.1% premarket on plans by private equity firm 777 Partners to buy up to 66 more Boeing 737 MAX jets.
As second-quarter earnings season officially kicked off, analysts now expect aggregate year-on-year S&P 500 second-quarter profit growth of 6%, down from the 6.8% estimate at the beginning of the quarter, according to Refinitiv data.
Johnson & Johnson (NYSE:JNJ) fell 0.4% after the drugmaker trimmed its full-year adjusted profit forecast on a stronger dollar.
IBM (NYSE:IBM) Corp, which reported after close on Monday, also warned of about $3.5 billion hit due to a stronger dollar. Its shares fell 5.8%.
Hasbro Inc (NASDAQ:HAS) posted a 10% rise in quarterly adjusted earnings, but shares of the toymaker fell 1.2%.
At 6:53 a.m. ET, Dow e-minis were up 198 points, or 0.64%, S&P 500 e-minis were up 32 points, or 0.83%, and Nasdaq 100 e-minis were up 101 points, or 0.85%.
