Futures point to a mixed start
U.S. stocks look poised to open mixed on Tuesday, following gains in the previous session, amid concerns there is little to no chance for another stimulus bill to pass before the presidential election in November.
As of 5:40 a.m. ET, futures tied to the blue-chip Dow were indicated 100.5 points, or 0.35% lower to 28,697.5. The tech-heavy Nasdaq 100 futures gained 93.75 points, or 0.77% to 12,192 while the S&P 500 futures were flat.
Wall Street finished with solid gains on Monday, with the Dow climbing 250.62 points, or 0.88% for its fourth straight green day. The S&P 500 rallied 1.6% while the Nasdaq Composite was the best performer, closing 2.6% higher.
Big banks kick off Q3 earnings season
Third-quarter earnings season gets underway today with Citigroup (NYSE: C) and JPMorgan Chase (NYSE: JPM) among the big names scheduled to report before the opening bell.
Analysts expect Citigroup to have earned 92 cents per share on revenue of $17.22 billion for the latest quarter. JPMorgan Chase is seen reporting earnings of $2.23 per share on revenue of $28.29 billion.
Other notable earnings to watch today Delta Airlines (NYSE: DAL), BlackRock (NYSE: BLK), and Fastenal (NASDAQ: FAST).
Delta Air Lines is projected to post a loss of $3.06 per share on revenue of $3.11 billion ahead of the market open. BlackRock is estimated to report earnings of $7.80 per share on revenue of $3.93 billion.
Apple iPhone 12 event
Apple (NASDAQ: AAPL) shares were slightly higher in the pre-market trading session Tuesday ahead of its unveiling of the new iPhone later in the day.
The new device, which is believed to be called the iPhone 12, is most likely to support 5G network, which shareholders are betting will attract huge demand.
Rumors suggest Apple will release four variants of the iPhone 12, including one that is expected to be called the iPhone 12 mini. The is lineup is also expected to run the latest iOS 14, have the A14 Bionic chipset, flat edges like the iPhone 4, and improved cameras.
The event will be held entirely online starting at 1 p.m. ET. As of writing, Apple stock was indicated $1.89, or 1.52% higher to $126.29 a share.
Amazon Prime Day
Meanwhile, Amazon (NASDAQ: AMZN) kick off its Prime Day shopping bonanza with predictions it will generate close to $10 billion over the two-day event.
The annual sales event, which was delayed from July until October due the coronavirus pandemic, started at 3 a.m. ET and promises discounts on more than 1 million items, including “Lightning Deals” for Prime members.
Other retailers including Walmart (NYSE: WMT), Best Buy (NYSE: BBY), and Target (NYSE: TGT) are also offering huge discounts for online shoppers compete with Amazon’s event.
Shares of Amazon were trading slightly higher in the pre-market trading session on Tuesday.
