Stock futures move higher Tuesday as traders digest latest earnings results

Traders work on the floor of the New York Stock Exchange (NYSE) on September 01, 2022 in New York City.

Spencer Platt | Getty Images

U.S. stock futures rose Tuesday morning as investors looked to an important round of corporate earnings results.

Dow Jones Industrial Average futures were at their morning highs around 6 a.m. ET up 78 points, or 0.23%, while S&P 500 futures were 0.34% higher. Nasdaq 100 futures gained 0.64%. The moves came after the major averages rose to kick off a stacked week of corporate earnings.

Corporate earnings season continues with Johnson & Johnson, Bank of America and Goldman Sachs reporting Tuesday before the bell. Netflix will weigh in after the market close.

J.B. Hunt Transport Services shares slid 2% in extended trading after the transportation and logistics firm missed expectations for its first-quarter earnings because of weaker demand, lower prices and higher costs.

Stocks finished higher during the regular trading session Monday. The Dow Jones Industrial Average rose 100.71 points, or 0.3%. The S&P 500 gained 0.33%, while the Nasdaq Composite added 0.28%.

Investors parsed through results from State Street and Charles Schwab. Schwab shares climbed on a profit beat, while State Street shares dropped after disappointing results. Schwab was among the financial names that came under heightened scrutiny after the regional banking crisis plunged the sector into chaos last month.

Meanwhile, technology companies declined, with Google-parent Alphabet falling more than 2%. The action came after The New York Times reported Sunday that Samsung is considering switching its default search engine to Bing.

Traders will watch the rollout of further results for signs into how companies are holding up amid a period of persistent inflation and rising interest rates, even as earnings results have so far remained resilient.

“There’s been a lot of pessimism about the economic outlook, about the financial outlook, since the beginning of last year,” Yardeni Research’s Ed Yardeni said Monday on CNBC’s “Closing Bell.”

“I have said that I think we’re in a recession. We’ve been in a recession since last year. But it’s a rolling recession, and it keeps rolling in different industries, and all in all, it isn’t adding up to an economywide recession,” Yardeni added.

On the economic front, traders are watching for the latest housing starts and building permits data. March housing starts are expected to fall 3.4% to 1.40 million units, according to consensus estimates from Dow Jones.

March building permits data is forecasted to drop 4.9% to 1.45 million units, according to economists polled by Dow Jones.

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