This post was originally published on this site
https://i-invdn-com.investing.com/trkd-images/LYNXMPEH9I0L1_L.jpg
(Reuters) – U.S. stock index futures rose on Tuesday as an upbeat profit forecast from Johnson & Johnson (NYSE:JNJ) added to the positive momentum in corporate earnings generated by big banks last week.
Johnson & Johnson’s shares rose 1.7% after it raised its 2021 adjusted profit forecast, even as it stuck to its outlook of $2.5 billion in sales from its COVID-19 vaccine this year.
Walmart (NYSE:WMT) Inc’s shares rose 2% after Goldman Sachs (NYSE:GS) added the world’s largest retailer to its “Americas Conviction List”.
Large-cap technology and communications companies including Facebook Inc (NASDAQ:FB), Apple Inc (NASDAQ:AAPL), Amazon.com Inc (NASDAQ:AMZN), Alphabet (NASDAQ:GOOGL) Inc and Microsoft Corp (NASDAQ:MSFT) all rose between 0.3% and 0.7%. Netflix Inc (NASDAQ:NFLX) rose 0.1% ahead of its quarterly results later in the day.
After forecast-beating results from big banks last week set a positive tone for this earnings season, investors now turn to results from companies that are more exposed to supply chain constraints, price rises and labor shortages.
Travelers (NYSE:TRV) Cos Inc rose 2.7% after the property and casualty insurer beat estimates for third-quarter profit.
The S&P 500 index is 1.3% away from a record-high hit in early September, as investors now hope that a continuous flow of better-than-expected earnings reports could push the market to new highs.
“Should we have another solid week of results, this may inject S&P 500 bulls with enough confidence to venture into uncharted territory beyond its all-time high,” wrote Lukman Otunuga, senior research analyst at FXTM in a client note.
Analysts now expect S&P 500 earnings to show a 32% rise from a year ago, according to Refinitiv data.
At 6:51 a.m. ET, Dow e-minis were up 147 points, or 0.42%, S&P 500 e-minis were up 20 points, or 0.45%, and Nasdaq 100 e-minis were up 51.5 points, or 0.34%.
