U.S. stock futures point to strong gains; More earnings ahead

Wall Street

Stocks set to open in the green

U.S. stock futures pointed to a positive open for Wall Street on Tuesday as market participants remain optimistic that the economy will recover, helped by more fiscal stimulus from the government and improved vaccine rollout.

President Joe Biden will today make his case for a $1.9 trillion stimulus proposal directly to Americans on his first official visit outside of Washington since his inauguration in a bid to pressure lawmakers into closing negotiations over the plan.

By 5:50 a.m. ET, futures tied to the blue-chip Dow were indicated 205 points, or 0.65% higher to 31,602. The S&P 500 futures rose 20.38 points, or 0.52% to 3,951.38 while the tech-heavy Nasdaq 100 futures gained 65.87 points, or 0.48% to 13,870.62.

The New York Stock Exchange and the Nasdaq were closed on Monday in observance of the Presidents Day holiday.

Palantir, CVS, Occidental earnings eyed

Palantir Technologies (NYSE: PLTR) will announce its fourth-quarter financial results ahead of the opening bell today. Analysts expect the company to announce earnings of $0.02 per share and revenue of $300 million.

Shares of the data analytics and security firm have been strong as the stock has been caught up in the Reddit-fueled trading frenzy. As of writing, the stock was up 3.57% to $33.05 a share in pre-market trade.

Other notable earnings to watch today include CVS Health (NYSE: CVS), Occidental Petroleum (NYSE: OXY), and AutoNation (NYSE: AN).

Morgan Stanley shows interest in Bitcoin as price soars near $50K

Meanwhile, the price of Bitcoin surged to a record high of $49,998 early Tuesday, boosted by interest from financial giants like Morgan Stanley (NYSE: MS), Bank of New York Mellon (NYSE: BK), and Mastercard (NYSE: MA).

Bitcoin, the world’s most valuable cryptocurrency, hit a high of $49,998 on the Coinbase exchange and $49,998 on the Binance exchange amid reports that a Morgan Stanley investing unit is considering adding the digital token to its portfolio.

Last week, Bitcoin gained momentum after Tesla (NASDAQ: TSLA) filed paperwork with the U.S. Securities and Exchange Commission, revealing that it had purchased $1.5 billion of the cryptocurrency.