U.S. index-futures pointed higher ahead of another earnings-heavy trading session and data showed weekly jobless claims plunged to the lowest level since 1973.
Futures for the Nasdaq 100 index rose 0.2 percent to 4,626, indicating the index will be on track to break a two-day losing run. The tech-heavy index slumped yesterday as Apple, its heaviest-weighted stock, slid 4.2 percent after a disappointing outlook. Futures for the Dow average are up 0.1 percent to 17,797, while those for the S&P 500 added 0.1 percent to 2,109.75.
Corporate earnings will continue to drive the market with a host of big companies reporting today. Of the companies that have reported so far, 70 percent beat earnings expectations, above the 63-percent average beat rate since 1994. However, only 55 percent have topped revenue forecasts, below the 61-percent average beat rate since 2002.
DATA:
New applications for U.S. unemployment benefits declined by 26,000 to 255,000 in the seven days ended on July 18. New claims have been under key 300,000 since late February, the longest run in 15 years.
MOVERS:
General Motors (NYSE:GM) advanced 6.5 percent to 30.29. The car giant is forecast to post second-quarter earnings of $1.08 a share, up from $0.58 per share a year earlier, according to a consensus survey by FactSet.
McDonald’s (NYSE:MCD) gained 1.4 percent as the world’s largest burger chain topped second-quarter profit and revenue expectations.
Dunkin’ Brands Group (NASDAQ:DNKN) slipped 1.7 percent to $56.53 after reporting better-than-expected results for its second quarter.
Comcast (NASDAQ:CMCSA) fell 0.5 percent even as the media and technology company reported second-quarter revenue ahead of estimates.
Eli Lilly (NYSE:LLY) climbed 1.8 percent after the drug maker lifted its outlook for the year.
Dow Chemical (NYSE:DOW) rose 2 percent after saying its adjusted second-quarter earnings rose to $0.91, topping analyst forecasts.
Under Armour (NYSE:UA) advanced 3.5 percent after the retailer lifted its full-year revenue outlook.
SanDisk (NASDAQ:SNDK) jumped 12.4 percent in premarket trading after the data storage products maker reported a quarterly profit that was double of what analysts had expected.
American Express (NYSE:AXP) fell 2.1 percent despite posting a profit that beat expectations as a strong dollar continues to hurt companies with large overseas operations.
Cigna (NYSE:CI) rose 5.2 percent after reports said U.S. health insurer Anthem (NYSE:ANTM) was close to finalizing negotiations to acquire the company in a deal valued at roughly $48 billion. Anthem was up 3.8 percent at $161.
Las Vegas Sands (NYSE:LVS) rose 4.6 percent after the casino operator that gets most of its revenue from Macau reported second-quarter earnings there that exceeded analysts’ estimates.
United Rentals (NYSE:URI) fell 6.6 percent after cutting its annual sales and profit forecasts. Shares are down 24 percent this year.
COMMODITIES:
Spot gold was up 0.8 percent at $1,101.25 an ounce, while U.S. gold futures for August delivery were up $9.10 an ounce at $1,100.60.
U.S. September crude futures were $0.03 lower at $49.16, having fallen by $1.67 yesterday to settle below $50 for the first time since April.
Brent crude was down $0.11 at $56.02 a barrel.