U.S. stock futures were higher Tuesday, but indicating only a partial rebound from Monday's more than 450-point drop in the Dow Jones Industrial Average. The Dow went negative for 2020 after its worst decline since October. The Federal Reserve begins its first two-day policy meeting of the year Tuesday morning. No interest rate change is expected. Three Dow components reported earnings before the bell: 3M and Pfizer had mixed quarters, while United Technologies beat on quarterly profit and revenue.
Apple, also a Dow component, is scheduled to report fiscal first-quarter 2020 earnings after the bell Tuesday. Analysts are expecting the tech giant to deliver earnings of $4.55 per share, compared with $4.18 in the year-ago period. Revenue in Q1 is seen rising to $88.5 billion. Apple shares are up more than 5% in 2020. They more than doubled since the company announced fiscal first-quarter 2019 results. Apple's stock increase in recent weeks has led to a number of analysts revising their price targets higher.
Boeing has secured commitments for more than $12 billion in financing from more than a dozen banks, according to people familiar with the matter, as the industrial giant shores up its balance sheet in the fallout from the nearly yearlong worldwide 737 Max grounding. The planes were taken out of service after an Ethiopian Airlines crash last March occurred after a Lion Air flight went down in Indonesia in October 2018. Together, all 346 people on the jets were killed.
Chinese officials on Tuesday sharply increased their confirmed coronavirus cases to more than 4,500. The death toll in China rose to 106. The virus was first discovered in the city of Wuhan in Hubei province in December. The Centers for Disease Control and Prevention said Monday that the number of "patients under investigation" in the U.S. almost doubled since Thursday to a total of 110 across 26 states. However, there are still only five confirmed cases in the U.S.
President Donald Trump's lawyers are set to finish their opening statements Tuesday, after laying out a multipronged defense in Day Two at his Senate impeachment trial on Monday. Key Republican senators said that reports about former national security advisor John Bolton shift the tide in favor of calling him as a witness. However, it remains unlikely that two-thirds of the Senate will vote to remove Trump, as the Constitution requires.