Futures Fall More on Wells, Morgan Letdown
Stock futures added to losses after two of Wall Street's biggest banking names reported disappointing earnings.
Morgan Stanley and Wells Fargo both fell more than 5 percent in premarket trading, even though the Wells numbers appeared to beat analyst estimates. Traders appeared to be focusing on the sustainability of the Wells numbers, while Morgan's loss was much broader than expectations..
The Dow on Tuesday rose for the seventh straight session, its first since April of 2007. The Dow has gained about 9.5% during its streak, while the Nasdaq has risen about 10% during its 10-day run.
Another heavy earnings calendar will shape the market's day again. Among the names that will report before the opening bell: Boeing , Eli Lilly , PepsiCo and Pfizer .
After-the-bell reports today includeeBay , E*Trade and SanDisk .
Tuesday's after-the-bell reports that could move individual stocks in trade include Apple , which beat estimates for both revenue and EPS. That feat was matched by Starbucks and VF Corp. , while Yahoo beat consensus on EPS but not on revenue and Advanced Micro Devices posted a wider-than-expected earnings loss.
On the economic calendar: the weekly report on mortgage applications from the Mortgage Bankers Association is out at 7 am New York time, while the government's May home price index will be issued at 10 am. Economists are looking for home prices to have fallen by 0.2% during the month. The Energy Department will have the weekly oil inventory numbers at 10:30 am.
Fed chairman Ben Bernanke returns to Capitol Hill for a second day as part of his semi-annual economic testimony before Congress. He'll repeat yesterday's House testimony before the Senate Banking Committee in what's likely to be less of a market moving event the second time around. He's scheduled to begin at 10 am New York time.
President Obama is set for a prime time news conference tonight at 8 pm New York time.
— Peter Schacknow, CNBC Senior Producer, contributed to this report