The S&P 500 and Dow futures hit record highs on Tuesday as Facebook rose after its quarterly results and a share buyback plan, turning the spotlight on its technology peers set to report later in the day.
At 8:05 a.m. ET, Dow E-minis were up 105 points, or 0.29%, S&P 500 E-minis were up 17.5 points, or 0.38% and Nasdaq 100 E-minis were up 92.5 points, or 0.6%.
Earnings at S&P 500 companies are expected to grow 34.8% year-on-year for the third quarter, with market participants assessing how companies are navigating supply-chain bottlenecks, labor shortages and inflationary pressures.
On the economic data front, consumer confidence data for October is due at 10 a.m. ET.
Gains in economically sensitive industrials Boeing Co and Caterpillar Inc provided the biggest boost to futures tracking the blue-chip Dow .
Stocks making the biggest moves in the premarket:
Facebook (FB) – Facebook gained 1.9% in the premarket after reporting mixed results for the second quarter. Facebook beat estimates by 3 cents a share, with quarterly earnings of $3.22 per share. Revenue missed, however, as ad sales growth slowed in the face of Apple’s(AAPL) new privacy restrictions.
General Electric Co (GE) – GE beat estimates by 14 cents a share, with quarterly profit of 57 cents per share. Revenue came in below analysts’ forecasts, however. The company also reported better-than-expected free cash flow. Its shares rose 1.4% in premarket trading.
Tesla Motors (TSLA) – Tesla remains on watch after the company passed the $1 trillion dollar mark in value during Monday’s trading. The stock is riding a 10-session win streak, but Tesla shares fell 0.4% in premarket trading.
Polaris (PII) – The recreational vehicle maker’s stock tumbled 5.9% in premarket action after the company cut its full-year outlook, hurt by supply chain constraints. Polaris matched estimates with quarterly earnings of $1.98 per share. Revenue fell short of consensus.
United Parcel Service Inc (UPS) – UPS rallied 5% in the premarket following better-than-expected results. UPS reported quarterly earnings of $2.71 per share, 16 cents a share above estimates. Revenue also topped forecasts on strong e-commerce demand.
Corning (GLW) – The glass and specialty materials maker fell 3.4% in the premarket after it reported that the automotive industry production slowdown impacted its quarterly results. Corning missed estimates by 2 cents a share, with quarterly earnings of 56 cents per share. Revenue also missed forecasts.
Eli Lilly (LLY) – The drugmaker’s shares gained 1% in premarket action despite a 4 cents a share quarterly earnings miss, with profit of $1.94 per share. Revenue beat forecasts, but Lilly spent more money during the quarter on research and development. The company also raised its full-year outlook.
3M (MMM) – 3M reported quarterly earnings of $2.45 per share, compared to a consensus estimate of $2.20 a share. Revenue exceeded Street forecasts. 3M saw increased demand during the quarter for both its consumer and industrial segments.
Hasbro (HAS) – Hasbrobeat consensus forecasts by 27 cents a share, with quarterly earnings of $1.96 per share. The toy maker’s revenue matched analysts’ projections. Hasbro warned that supply chain bottlenecks would hit holiday sales.
The RealReal (REAL) – The online seller of secondhand luxury goods saw its stock jump 4.8% in the premarket after Raymond James upgraded the stock to “outperform” from “market perform.” Raymond James cites near-term revenue strength and the prospects for profitability growth.
Coinbase Global, Inc. (COIN) – The cryptocurrency exchange operator gained 2% in premarket trading after Citi began coverage of the stock with a “buy/high-risk” rating. Citi said the risk stems from exposure to the volatile crypto market but said the company will benefit from increasing adoption.
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