U.S. stock index futures traded mixed on Tuesday, as investors awaited earnings updates from big banks and a reading on inflation data for early clues on the health of the domestic economy.
At 8:05 a.m. ET, Dow E-minis were down 20 points, or 0.06%, S&P 500 E-minis were up 0.75 points, or 0.02% and Nasdaq 100 E-minis were up 48.25 points, or 0.32%.
June-quarter earnings per share for S&P 500 companies is expected to rise 66%, according to Refinitiv data, with market participants questioning how long Wall Street's rally would last after a nearly 17% rise in the benchmark index so far this year.
Consumer price index data is due at 08:30 a.m. ET and is expected to ease in June after jumping 5% on a year-over-year basis in May.
Inflation and positive economic data have dictated Wall Street's movement since mid June as investors fear an overheating economy amid faster reopening could force the Federal Reserve to pare back its ultra-loose monetary policies sooner-than expected.
"The broad markets are settling back and awaiting US inflation, US bank earnings... We view the environment as one of gestation as earnings comes in before the risk taking trend starts again, though a higher inflation print could create a temporary setback," said Sebastien Galy, senior macro strategist at Nordea Asset Management.
Stocks making the biggest moves in the premarket:
Pepsi – The snack and beverage giant gained 1.3% in premarket trading, after beating estimates on the top and bottom lines and raising its full-year forecast. PepsiCo earned an adjusted $1.72 per share for the quarter, 19 cents above estimates, helped by increasing North American beverage sales.
JPMorgan Chase – The bank reported a quarterly profit of $3.78 per share for the second quarter, beating the $3.21 consensus estimate, with revenue also topping Street forecasts. Results got a boost from an increase in investment banking fees, but the stock fell 1.3% in premarket action.
Boeing – Boeing shares fell 2.2% in the premarket, after saying it would cut the production rate for its 787 Dreamliner to deal with a new production-related issue. It now expects to deliver fewer than half of the roughly 100 787s in inventory this year, instead of the "vast majority" it had previously predicted.
Goldman Sachs – Goldman reported a second-quarter profit of $15.02 per share, beating the $10.24 consensus estimate, while revenue also exceeded Wall Street forecasts. Goldman's bottom line was helped by a surge in global deal fees.
ConAgra – The food producer beat estimates by 2 cents with adjusted quarterly earnings of 54 cents per share, with revenue topping analyst predictions as well. Conagra did cut its fiscal 2022 full-year forecast due to the impact of inflation, and its stock fell 3.7% in premarket action.
Nokia Oyj – Nokia said it would announce an improved outlook for the year on July 29, when it reports its second-quarter results. The telecom equipment maker cites a pickup in business during the quarter. Shares surged 8.4% in premarket trading.
Hanesbrands – The stock jumped 3.2% in the premarket after Wells Fargo upgraded the apparel producer to "overweight" from "equal weight". Wells Fargo said it was impressed by the company's new leadership team and the overall direction of the business.
Walt Disney – Disney is raising subscription prices for its ESPN+ sports streaming platform. The monthly price goes up by $1 to $6.99, while the annual plan will increase by $10 to $69.99.
Johnson & Johnson – The FDA is adding a warning label to Johnson & Johnson's Covid-19 vaccine, to warn of a very small incidence of the rare neurological disorder known as Guillain-Barre syndrome. Johnson & Johnson fell 1% in the premarket.
Biogen – The U.S. government has begun the review process that will determine if Medicare will cover the cost of Biogen's newly approved Alzheimer's drug Aduhelm. A final decision is expected within 9 months.
McDonald's – McDonald's is backing franchisee efforts to attract more workers, making a multimillion investment in perks such as higher pay, more paid time off, college tuition aid and emergency child care.
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