Stock futures point higher
Stock futures traded firmly higher Tuesday amid growing optimism that a phase one U.S.-China agreement is imminent.
According to Reuters, U.S. Commerce Secretary Wilbur Ross told reporters during a visit to Thailand on Tuesday that Washington and Beijing are making very good progress towards striking a phase one deal to defuse their protracted trade war.
“We’re hopeful that phase one will be the precursor of a much more robust set of agreements. If we resolve phase one, that will calm people down a lot because they’ll see an end point is hopefully within sight,” Ross said.
Investors also cheered a report on the Financial Times saying that the U.S. government is debating whether to roll back some tariffs on Chinese products as a concession to reach the phase one deal.
Dow futures advanced 71.5 points, or 0.26% to 27,451.5 by 4:20 a.m. ET, S&P 500 futures traded up 7.13 points, or 0.23% to 3,082.88, while the tech-heavy Nasdaq 100 futures jumped 25.25 points, or 0.31% to 8,241.
Uber stock slumps as losses mount
Uber (NYSE: UBER) reported financial results for the third quarter – also its third earnings report as a publicly-traded company – after the market closed on Monday.
The ride-sharing company posted a loss of $1.16 billion, or $0.68 per share versus a loss of $986 million in the same period last year.
Revenue came in at $3.81 billion, up 30% from $2.94 billion in the year-ago quarter. On average, analysts polled by Refinitiv had projected a loss of $0.81 per share on revenue of $3.69 billion.
Shares of the company traded 5.57% lower to $29.35 in premarket session Tuesday.
More earnings on tap
Market players will wade through more earnings reports today, with Allergan (NYSE: AGN) and Peloton Interactive (NASDAQ: PTON) set to announce ahead of the bell.
Emerson Electric (NYSE: EMR), Tapestry (NYSE: TPR), Regeneron Pharmaceuticals (NASDAQ: REGN), Choice Hotels (NYSE: CHH), and Mylan (NASDAQ: MYL) will also release their results before the bell.
Companies scheduled to report after the closing bell include Microchip Technology (NASDAQ: MCHP), Altice US (NYSE: ATUS), Host Hotels (NYSE: HST), and Caesars Entertainment (NASDAQ: CZR).