(RTTNews) – Following the downturn seen over the course of the previous session, stocks may move back to the upside in early trading on Tuesday. The major index futures are currently pointing to a higher open for the markets, with the S&P 500 futures up by 0.4 percent.
A positive reaction to some of the latest earnings news may inspire traders to pick up stocks at relatively reduced levels following the weakness seen over the past few sessions.
Shares of 3M (MMM) are surging by more than 7 percent in pre-market trading after the industrial conglomerate reported better than expected second quarter results.
Auto giant General Motors (GM) may also see initial strength after reporting second quarter earnings that exceeded analyst estimates.
Shares of Novartis (NVS) are also moving notably higher in pre-market trading after the Swiss pharmaceutical company reported second quarter results that beat expectations.
Strength among technology stocks may also contribute to an early rebound on Wall Street, as reflected by the 1.2 percent jump by the tech-heavy Nasdaq 100 futures.
Overall trading activity may be somewhat subdued, however, with a lack of major U.S. economic data likely to keep some traders on the sidelines.
Traders may also be reluctant to make significant moves ahead of the release of earnings news from Alphabet (GOOGL), IBM Corp. (IBM) and Tesla (TSLA) later this week.
A sharp increase by the price of crude oil also limit buying interest, as U.S. crude oil futures surge by 2 percent amid the ongoing exchange of attacks by the U.S. and Iran.
Stocks showed a strong move to the upside in early trading on Monday but gave back ground over the course of the trading day. The major averages pulled back well off their highs of the session and into negative territory.
The major averages all finished the day in the red. The Dow slid 307.16 points or 0.6 percent to 51,839.26, the S&P 500 dipped 14.41 points or 0.2 percent to 7,443.28 and the Nasdaq edged down 12.17 points or 0.1 percent to 25,508.07.
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Tuesday. Japan’s Nikkei 225 Index surged by 3.3 percent, while China’s Shanghai Composite Index jumped by 1.8 percent.
Meanwhile, the major European markets are little changed on the day. While the French CAC 40 Index is down by 0.1 percent, the German DAX Index is just above the unchanged line and the U.K.’s FTSE 100 Index is up by 0.1 percent.
In commodities trading, crude oil futures are surging $1.73 to $84.96 a barrel after climbing $0.74 to $83.23 a barrel on Monday. Meanwhile, after edging down $2.90 to $4,015.90 ounce in the previous session, gold futures are jumping $43.70 to $4,059.60 an ounce.
On the currency front, the U.S. dollar is trading at 162.77 yen compared to the 162.49 yen it fetched at the close of New York trading on Monday. Against the euro, the dollar is trading at $1.1416 compared to yesterday’s $1.1414.
