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Wall Street optimistic on bumper earnings day

U.S. stock index futures indicated a higher open on Tuesday, ahead of a spate of major earnings and as oil futures for May were set to expire.

Tuesday brings a bumper day of key corporate results, with DuPont, Travelers, United Tech, Verizon Communications, Baker Hughes, Fifth Third, Genuine Parts, Harley-Davidson, Kimberly-Clark, Lockheed Martin and Under Armour before market open.

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DuPont earned an adjusted $1.34 per share for the first quarter, 5 cents above estimates, though revenue was below forecasts. DuPont said quarterly results were impacted negatively by 25 cents from the stronger dollar. Additionally, DuPont also announced an increase in its quarterly dividend by 4 percent to 59 cents per share.

United Technologies beat estimates by 13 cents with adjusted quarterly profit of $1.58 per share, with revenue slightly below forecasts. UTC said it had a good start to the year despite ongoing headwinds from currency effects.

Kimberly-Clark reported adjusted quarterly profit of $1.42 per share, 9 cents above estimates, with revenue also above forecasts. The personal care products maker also warned that currency effects will cut its 2015 operating profit by 10 to 11 percent.

Verizon beat forecasts by 7 cents with quarterly profit of $1.02 per share, though revenue fell slightly short. Verizon's wireless operation also added 565,000 subscribers in the quarter compared to a year earlier.

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IBM reported adjusted quarterly profit of $2.91 per share, 11 cents above estimates. Revenue was essentially in line with estimates, though it did fall for the 12th straight quarter as IBM continues its transformation toward cloud-based businesses.

Hormel said its turkey supply chain has been significantly disrupted due to avian flu outbreaks in Minnesota and Wisconsin. Hormel is sticking with its prior fiscal 2015 earnings guidance, but did say it expects results toward the lower end of its projected range.

Marissa Mayer
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Marissa Mayer

Amgen, Yahoo, Chipotle Mexican Grill, Discover Financial, Illumina, Yum Brands, Cree, iRobot report after the bell.

It's quiet on the data front, so earnings reports will dominate the early hours.

Brent and WTI crude will be in focus on Tuesday, as U.S. oil futures for next month expire. Earlier in the day, oil prices dipped slightly, but remained near a 2015 peak reached last week.

U.S. stocks closed sharply higher on Monday, after China's central bank announced unexpected stimulus measures.

On Tuesday, Asian and European markets rose in early trade as investors reacted to a slew of corporate earnings reports.

Credit Suisse edged into positive territory, after the Swiss lender reported a 23 percent rise in net profit, beating analysts' estimates with help from its investment banking operations. However, shares fell 2.8 percent in early deals.