Wall Street set to rise at open
U.S. stock futures pointed to a higher open on Tuesday, as market players welcomed a decision by the Chinese government to grant new waivers to several domestic state and private firms to buy U.S. soybeans following deputy-level trade negotiations held in Washington last week.
The companies can now purchase American soybeans without being subjected to tit-for-tat tariffs, according to Bloomberg, which cited people familiar with the matter. The waivers will apply to between 2 million and 3 million tons of U.S. soybeans.
At 5:18 a.m. ET, the blue-chip Dow futures were up 76 points, or about 0.28% to 27,039. Futures on the broader S&P 500 indicated a gain of 8.88 points, or roughly 0.30% to 3,008.88 while those on the tech-heavy Nasdaq 100 rose 29.12 points, or 0.37% to 7,879.62.
Meanwhile, several companies are set to report their quarterly results today. Sneaker giant Nike (NYSE: NKE) and SYNNEX Corp (NYSE: SNX) will announce their results after the closing bell.
Those reporting before the bell include AutoZone (NYSE: AZO), CarMax (NYSE: KMX), Jabil (NYSE: JBL), and BlackBerry (NYSE: BB).
In blow to Boris Johnson, UK Supreme Court rules suspension of parliament was unlawful
UK Supreme Court ruled early Tuesday that Prime Minister Boris Johnson’s decision to shut down parliament for five weeks was unlawful.
The historic ruling is likely to lead to an earlier recalling of parliament, potentially offering lawmakers a better chance of preventing a no-deal Brexit, with the embattled prime minister insisting the country is to leave the European Union by October 31 with or without a deal.
Speaker John Bercow hailed the ruling and called for the reconvening of parliament “without delay.” British pound rose steadily against the dollar and the euro following the ruling.
Oil prices lower ahead of Trump UN speech
Oil prices were lower on Tuesday morning ahead of President Donald Trump’s address at the UN General Assembly in New York. Trump is expected to ramp up pressure on Iran during his speech. as his administration continues to blame the Islamic republic for last week’s attacks on Saudi oil facilities.
Speaking to reporters on Monday, the president said he will discuss Iran in his address to the world body. “A lot of things are happening with respect to Iran. A lot more than you know. I’ll be discussing it a bit tomorrow,” Trump said.
At 5:18 a.m. ET, U.S. West Texas Intermediate crude futures were down $0.52, or 0.89%, at $58.12 per barrel. International Brent crude oil futures were at $64.11 a barrel, down $0.66, or about 1.02%.
