Market Snapshot: Futures point to further Wall Street records ahead of earnings onslaught

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U.S. stock futures pointed to an upbeat start Tuesday, continuing a winning run as investors face an onslaught of corporate earnings.

What’s happening
  • Futures on the Dow Jones Industrial Average
    YM00,
    +0.29%

    rose 96 points, or 0.3%, to 35716

  • Futures on the S&P 500
    ES00,
    +0.41%

    gained 0.4%, or 18 points, to 4576

  • Futures on the Nasdaq 100
    NQ00,
    +0.64%

    rose 0.7%, or 101 points, to 15596

On Monday, the Dow Jones Industrial Average
DJIA,
+0.18%

rose 64 points, or 0.18%, to 35741, the S&P 500
SPX,
+0.47%

increased 22 points, or 0.47%, to 4566, and the Nasdaq Composite
COMP,
+0.90%

gained 137 points, or 0.9%, to 15227. Both the Dow and the S&P 500 ended at record highs, with the Nasdaq Composite just 1% away from a new high.

What’s driving markets

The S&P 500 has advanced for eight of the last nine sessions as third-quarter earnings have largely topped expectations. But strategists at Deutsche Bank are starting to notice a trend.

“Even though this has been a good earnings season in aggregate we are starting to see more companies with supply backlogs, hiring difficulties, and rising input prices that are eating into profits. Indeed yesterday saw a few consumer staples companies lower full year profit outlooks in their earnings releases,” said strategists led by Jim Reid.

Tuesday’s earnings wave includes General Electric
GE,
+1.20%
,
3M
MMM,
+0.88%
,
and after the close, Alphabet
GOOGL,
-0.09%

and Microsoft
MSFT,
-0.33%
.
Social-media giant Facebook
FB,
+1.26%

edged higher in premarket trade after it surpassed third-quarter earnings estimates but issued a revenue outlook below Wall Street forecasts.

Overnight, Chinese Vice Premier Liu He and Treasury Secretary Janet Yellen held their second call in four months. The economics calendar includes home price, new-home sales and consumer confidence data.