U.S. stock futures were pointing to a nearly 400 point gain for the Dow Jones Industrial Average at Wall Street's open Tuesday. The Dow had been up 350 points at one stage on Monday but closed 143 points higher. Tuesday's indicated gains coupled with Monday's advance would put a major dent in the Dow's 603-point slide from Friday. Tesla jumped another 15% in Tuesday's premarket, and it is set to open on Wall Street at a new record high. Major shareholder Ron Baron forecast the company would top $1 trillion in revenue in a decade. As investors who bet against the stock scrambled to catch up, Tesla climbed nearly 20% on Monday to $780. Investors are still watching coronavirus developments as well as awaiting delayed Iowa caucus results, President Donald Trump's State of the Union address Tuesday night, and the Senate impeachment trial vote Wednesday.
Shares of Google-parent Alphabet were falling about 3% in the premarket after the tech giant beat estimates with quarterly earnings but fell short on revenue. Alphabet broke out YouTube and cloud revenue for the first time. YouTube ads generated $15.15 billion in revenue in 2019, with $4.72 billion in the fourth quarter. Google's cloud business generated $8.92 billion in revenue in 2019, with $2.61 billion in Q4. This was the first earnings report since co-founders Larry Page and Sergey Brin announced in December they were stepping away from day-to-day operations.
Disney reports fiscal first quarter earnings after the bell Tuesday. Analysts expect the media giant to deliver per-share profit of $1.46 on revenue of $20.78 billion. The results from Q1, which ended in December, include the launch of Disney's streaming platform Disney+, which competes with platforms like Netflix, Amazon Prime Video and Apple TV. Disney signed up 10 million subscribers on its first day. Investors will be looking for any guidance on how the coronavirus might impact earnings going forward, with Shanghai Disney temporarily closing as of late last month and many dark movie theaters in China.
Chinese health officials said 425 deaths and 20,438 cases of coronavirus have been confirmed in the country. Hong Kong's Hospital Authority told CNBC that a 39-year-old man had died in the city's first coronavirus-related death. Singapore and Thailand each reported six new cases of coronavirus Tuesday. While many countries confirm their own cases, the vast majority are still in China. The Philippines on Sunday reported the first death outside China.
Democratic results from the Iowa caucuses, the first-in-the-nation presidential nominating contest, were delayed Monday night. The state's Democratic Party said a "reporting issue" caused "inconsistencies" in some data. A source told NBC News that technical glitches hit an app for reporting results and a backup phone line for relaying information was "a disaster." The contest was too early to call, according to NBC News. However, that didn't stop ex-Mayor Pete Buttigieg from claiming victory. The next nominating contest is a week from Tuesday: the New Hampshire primary.