Futures inch higher
U.S. stocks are set to open higher Tuesday and attempt to recover losses sparked by the coronavirus outbreak in the previous session.
Investors were cautious on Monday after China confirmed more cases of the deadly virus over the weekend, raising concerns over its impact on the global economy.
The blue-chip Dow dropped 453.53 points, or 1.57%, its biggest one-day slump since October. The S&P 500 lost 51.84 points, or 1.57% while the tech-heavy Nasdaq declined 175.60 points or 1.89%.
As of 4:20 a.m. EST Tuesday, the Dow futures were up 79.5 points, or about 0.28% to 28,560.5. The S&P 500 futures rose 8.38 points, or around 0.26% to 3,247.88 while the tech-heavy Nasdaq 100 futures indicated a gain of 32.38 points, or roughly 0.36% to 8,986.88.
Apple earnings in focus
Meanwhile, Apple (NASDAQ: AAPL) is expected to publish its fiscal 2020 first-quarter earnings after the closing bell today.
The earnings report will give analysts and investors a better understanding of how well the company has sold its trio of iPhone 11 models that launched in September. It will also be the first report to include the company’s new Apple TV+ video-streaming service.
Analysts expect the iPhone maker to report quarterly earnings of $4.54 a share on sales of $88.41 billion, according to FactSet.
Shares of the tech titan have more than doubled over the past 12 months, lifting its market value to $1.4 trillion. At the time of writing, the stock was up 0.73% to $311.20 in premarket trade.
Other companies scheduled to report today include Harley-Davidson (NYSE: HOG), Advanced Micro Devices (NASDAQ: AMD), eBay (NASDAQ: EBAY), 3M (NYSE: MMM), Pfizer (NYSE: PFE), Lockheed Martin (NYSE: LMT), United Technologies (NYSE: UTX), and Starbucks (NASDAQ: SBUX).
Boeing clinches more than $12 billion in loans over 737 Max crisis
Boeing (NYSE: BA) has obtained more than $12 billion in financing from over a dozen banks amid 737 Max jet crisis, according to CNBC report on Monday, which cited people familiar with the matter. As per the report, the financing deal was not closed and not yet finalized.
Multiple news outlets reported last week that Boeing had initially sought a loan of at least $10 billion to help ease the financial crisis over its grounded 737 Max jets. The aircraft manufacturer is expected to report its fourth-quarter results on Wednesday, January 29.
