Futures Higher; DuPont Beats Forecasts
U.S. stock index futures pushed higher ahead of the open Tuesday in the wake of better-than-expected result from DuPont and ahead of more corporate earnings.
The major averages have risen in five of the past six sessions and the Dow has posted triple-digit gains for three consecutive sessions for the first time since December 30, and 31 of 2008 and January 2 of 2009. The S&P 500 is also less than a tenth of a point away from joining the Dow and the Nasdaq in positive territory for 2010, though it is still down 8.4 percent from the April 23 high.
European shares were higher with banks making gains on the back of strong earnings from UBS. Asian stocks closed mixed, but mostly lower as the Chinese market dragged on sentiment.
UK oil major BPposted a $17 billion dollar second-quarter loss due to the costs of the Gulf oil spill and announced that Tony Hayward will be replaced as CEO by Bob Dudley as of Oct. 1. BP made an underlying profit of almost $5 billion when Gulf-related charges are excluded, in line with analyst estimates.
Shares of BP were higher in London trading and closed higher in New York trading Monday.
Dow component DuPont beat earnings estimates of 94 cents per share with its second-quarter profit of $1.17 per share excluding items.
Cummins, Lockheed Martin, and U.S. Steel are also due to report number ahead of the opening bell. Insurers Aetna and Aflac are among those issuing their quarterly numbers after the closing bell.
Economic reports due include the May Case-Shiller home price report, out at 9 am New York time. At 10 am, the Conference Board will be out with its July consumer confidence index, expected to come in at 50.8 compared to a June reading of 52.9.
And the Treasury will sell $38 billion in 2-year notes later, with the results of the auction available shortly after 1 pm. It will follow up by selling $37 billion in 5-year notes Wednesday and $29 billion 7-year notes Thursday.
On the technology front, Yahoo's part-owned Yahoo Japan unit is teaming up with Google to offer Google's search engine technology, sidestepping Yahoo's extensive partnership with Microsoft.
And a ruling from the U.S. copyright office will allow iPhone users to "jailbreak" the phone and switch wireless service providers.
- Peter Schacknow, Senior Producer, CNBC Breaking News Desk contributed to this story.