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Energy in focus, as stocks hit new highs

Wall Street looked set to gain on Tuesday, on what is likely to be a quiet trading session, as the Federal government and some markets are shut for Veterans Day.

"There is little in the way of macro news at the moment and this is allowing the markets to run. The U.S. markets, in particular, are gunning for any reason to head higher," said Evan Lucas, market strategist at IG, in a morning note.

"I would be watching anything with U.S.-exposure, or that continues to return capital to shareholders, as being very attractive in the current environment."

Wall Street NYSE
Victor J. Blue | Bloomberg | Getty Images

No major economic data is due during the day and DR Horton and Insys Therapeutics are the only companies of interest reporting third-quarter results.

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Earnings will heat up again on Wednesday, with results from Macy's and Cisco Systems. According to Deutsche Bank, of the roughly 420 companies that have reported so far in the U.S. this quarter, 80 percent have beaten earnings per share (EPS) estimates and 60 percent have exceeded sales expectations.

European and Asian stocks were boosted in early trade on Tuesday by Wall Street's gains in the previous session, which saw the S&P 500 and the Dow end at fresh all-time highs.

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