Stocks set to bounce back
U.S. futures pointed to a rebound on Wall Street early Tuesday after concerns of an economic slowdown due to the spread of the delta coronavirus variant, saw the Dow Jones Industrial Average lose 725.81 points, or 2.1% to 33,962.04 on Monday.
The S&P 500 plunged 68.67 points, or 1.59% to 4,258.49, its biggest drop since May. The tech-heavy Nasdaq Composite tumbled 152.25 points, or 1.06% to 14,274.98.
At around 5:15 a.m. ET, futures tied to the Dow pointed to a gain of 228.5 points, or 0.68% to 34,067.5. S&P 500 futures rose 22.87 points, or 0.54% to 4,274.12 while Nasdaq 100 futures were up 70.87 points, or 0.49% to 14,611.62.
Netflix earnings expected to dominate headlines
Earnings season shifts into high gear, with streaming juggernaut Netflix (NASDAQ: NFLX) slated to report after the closing bell today.
Analysts expect the Silicon Valley company firm to post second-quarter earnings of $3.15 per share on revenue of $7.32 billion. In the same period last year, Netflix earned $1.59 and revenue of $6.15 billion.
Other big earnings on tap today include United Airlines (NASDAQ: UAL), Chipotle Mexican Grill (NYSE: CMG), Philip Morris Intl (NYSE: PM), Interactive Brokers (NASDAQ: IBKR), and Halliburton (NYSE: HAL).
Chipmaker IBM (NASDAQ: IBM) said late Monday that revenue during its second quarter grew 3% on a year-over-year basis to $18.75 billion while earnings came in at $2.33 per share. Analysts had called for earnings of $2.29 per share on revenue of $18.29 billion.
Crude futures soar ahead of API data
In energy markets, crude futures were also pushing on Tuesday morning as traders eyed the weekly release of private stockpile data from the American Petroleum Institute (API) for fresh impetus later in the day.
The data, due at 4:30 a.m. ET, comes just days after OPEC+ agreed on a deal that would increase production by 400,000 barrels per day for each month beginning August until through the end of September 2022.
By 5:15 a.m. ET, U.S. West Texas Intermediate (WTI) crude futures were up 29 cents, or 0.44% to $66.64 a barrel. Global Brent crude futures climbed 32 cents, or 0.47% to $68.94 a barrel.