U.S. stock futures were pointing to a higher open on Wall Street on Tuesday on optimism about U.S.-China talks surrounding their "phase one" trade deal. The Dow Jones Industrial Average set an all-time high Monday, closing above July's records. The S&P 500 and Nasdaq also set records Monday after doing so for the first time since July last week. Year to date, the Dow, as of Monday's finish, was up nearly 18%, the S&P 500 was up almost 23% and the Nasdaq was up 27%.
A U.S. official said the fate of mid-December tariffs is being considered as part of negotiations on completing a "phase one" trade deal with China, which was reached in principle last month. Both sides are aiming for President Donald Trump and Chinese President Xi Jinping to sign the deal, at a yet-to-be determined location, later this month. Any de-escalation of tariffs is being viewed as a positive by the stock market.
Shares of Uber were dropping about 6% in the premarket after the ride-hailing company reported a third-quarter loss of more than $1 billion. However, quarterly revenue and adjusted per-share losses were better than expected. CEO Dara Khosrowshahi told CNBC's Deirdre Bosa, after Monday's closing bell that the company could become profitable in about two years. Despite the staggering Q3 losses, Khosrowshahi highlighted Uber's rides segment, which grew 19% from a year earlier to $2.9 billion.
Shares of September-IPO Peloton were gaining about 7% in premarket trading after the fitness company doubled quarterly revenue, in its first financial results since going public. The stock later dropped. Peloton's fiscal first-quarter revenue rose to $228 million. The company also narrowed its net loss to $49.8 million, or a loss of $1.29 a share, from a loss of $54.5 million, or a loss of $2.18 per share, a year earlier. However, even if the stock gain were to hold at the open, it would still be below its $29 offering price.
Gubernatorial and legislative elections on Tuesday in four states — Kentucky, Mississippi, New Jersey and Virginia — will test voter enthusiasm and party organization as the Trump impeachment inquiry moves forward and a Democratic presidential primary scramble heats up. Trump is eager to nationalize whatever happens, campaigning in GOP gubernatorial races in Kentucky on Monday and in Mississippi on Friday. Legislative seats are on the ballots in New Jersey and in 2020 battleground state Virginia.
— The Associated Press contributed to this report.