Futures point to a higher open
U.S. stocks are set to open higher Tuesday, with market participants buoyed news of more states and countries moving closer to ease the coronavirus lockdown measures. Traders are also shrugging off a brewing row between Washington and Beijing that some analysts fear could see them rekindle their trade war.
Around the globe, lockdowns are to ease as some nations decide the economic pain of shutting businesses is too much to endure and others get coronavirus outbreaks under control.
In Germany, children are allowed to return to playgrounds while Spain has begun allowing people to exercise outside for the first time in more than six weeks. More than a dozen U.S. states including hard-hit New York, have also started permitting restaurants, stores and other businesses to resume while observing measures meant to curb the spread of the virus.
By 5:30 a.m. ET, futures tied to the blue-chip Dow advanced 150 points, or 0.64% to 23,721. S&P 500 futures were up 14.87 points, or 0.53% to 2,840.12 while the tech-heavy Nasdaq 100 futures rose 54.12 points, or 0.62% to 8,849.62.
Crude futures rise on demand hopes
Crude futures also rallied early Tuesday on hopes for a rebound in demand as more places moved to ease coronavirus-related lockdowns and traders ignored renewed U.S.-China trade tensions.
As of 5:30 a.m. ET, U.S. West Texas Intermediate crude futures expiring in June were up $1.80, or 8.83% to $22.19 per barrel on the New York Mercantile Exchange. Brent crude, the international benchmark, rose $1.76, or 6.47% to $28.96 a barrel.
Disney, Beyond Meat, Pinterest report earnings today
Disney (NYSE: DIS) is scheduled to report its second-quarter financial results after the closing bell today. The results are expected to reveal the level of damage that the world’s most powerful entertainment company has suffered as theme parks and movie theaters remained shut due to the pandemic.
Disney is projected to post earnings of 88 cents per share on revenue of $17.81 billion. The stock was little changed in premarket trading session Tuesday.
Other notable earnings to watch today include Beyond Meat (NASDAQ: BYND), Pinterest (NYSE: PINS), Electronic Arts (NASDAQ: EA), Activision Blizzard (NASDAQ: ATVI), SYSCO (NYSE: SYY), and Occidental Petroleum (NYSE: OXY).
