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US STOCKS-Futures rise with focus on earnings
February 7, 2017 / 12:31 PM / 10 months ago

US STOCKS-Futures rise with focus on earnings

* Futures up: Dow 69 pts, S&P 6.75 pts, Nasdaq 13.75 pts

By Yashaswini Swamynathan

Feb 7 (Reuters) - U.S. stock index futures were higher on Tuesday as investors look for a steer from a rush of quarterly earnings reports.

* General Motors and Dow component Walt Disney are among the large-cap companies that are scheduled to report their results.

* After a post-election rally that drove U.S. equities to record highs, investors are assessing fourth-quarter earnings to see if market valuations are justified.

* Investors are also keeping a close eye on comments from President Donald Trump and his administration, especially before a U.S. federal appeals court hears arguments over whether to restore Trump’s temporary travel ban on people from seven Muslim-majority countries.

* About 100 companies, including big tech names such as Apple, Google parent Alphabet and Microsoft , joined a legal brief opposing the ban, arguing that it would give companies strong incentives to move jobs outside the United States.

* Markets have traded in a tight range amid uncertainty over Trump’s policies. The S&P 500 index has not moved more than 1 percent in either direction since two months.

* The Dow Jones Industrial Average and the Nasdaq Composite closed little changed on Monday, while the S&P fell slightly as losses in energy companies weighed.

* Data for Tuesday includes a report that is expected to show trade deficit remained little changed at $45 billion in December. The report is due at 8:30 a.m. ET (1330 GMT).

* Shares of Biogen rose 1.03 percent to $267.65 in premarket trading after Citigroup upgraded the drugmaker’s stocks to “buy” from “neutral”.

* Centene was up 0.96 percent at $64.24 after the health insurer reported better-than-expected quarterly revenue and profit.

* Handbag maker Michael Kors dropped 6 percent to $38.80 following a full-year revenue forecast cut.

Futures snapshot at 6:52 a.m. ET:

* Dow e-minis were up 69 points, or 0.35 percent, with 17,777 contracts changing hands.

* S&P 500 e-minis were up 6.75 points, or 0.3 percent, with 91,724 contracts traded.

* Nasdaq 100 e-minis were up 13.75 points, or 0.27 percent, on volume of 18,423 contracts. (Reporting by Yashaswini Swamynathan in Bengaluru)

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