Tuesday October 17th

17-10-2017

Dow futures rise after strong earnings from Goldman Sachs and Johnson & Johnson

U.S. stock index futures pointed to a relatively flat open Tuesday, as investors turn their attention to new data releases and corporate earnings reports. Dow Jones industrial average futures rose 11 points, lifted by strong earnings from Goldman Sachs and Johnson & Johnson. The two companies reported quarterly results that beat expectations, sending their stocks higher by more than 1 percent. S&P 500 and Nasdaq 100 futures, meanwhile, fell 1.25 points and 6 points, respectively. Morgan Stanley and Harley-Davidson also reported earnings and revenue that topped Wall Street estimates. Dow component IBM is scheduled to report Tuesday after the close. Looking to data, import prices rose 0.7 percent in September, more than the expected 0.6 percent. Industrial production data are set for release at 9:15 a.m. ET. The NAHB/Wells Fargo housing market index will then be released at 10 a.m. ET, followed by Treasury International Capital (TIC) data, which is set to come out at 4 p.m. ET. On the central bank front, Philadelphia Fed President Patrick Harker is expected to be at the Northeast Pennsylvania Equitable Transit summit in Scranton. Elsewhere, U.S. President Donald Trump is expected to interview Fed Chair Janet Yellen on Thursday, about potentially staying on as the chair of the U.S. central bank, a source familiar with the matter confirmed to CNBC on Monday. Elsewhere, President Donald Trump will meet with Greek Prime Minister Alexis Tsipras at the White House on Tuesday, where the two leaders are expected to discuss topics including defense cooperation and economic investment. Investors will also be waiting with bated breath for any developments surrounding the future of the U.S.' involvement in the Iran nuclear accord. Along with U.S.-Iran tensions, conflict in Iraq has also supported oil prices as of late. On Tuesday, prices continued to edge higher around 8:34 a.m. ET, with U.S. crude trading around $52.11 per barrel and Brent hovering around $58.19. Overseas, European stocks were under slight pressure, while markets in Asia closed on a mostly mixed note. Japan's Nikkei 225 rose yet again, to close up 0.38 percent, or 80.56 points, at 21,336.12. Meanwhile, South Korea's benchmark Kospi index advanced 0.17 percent to close at 2,484.37 as steelmakers pared some gains made in the last session. On the mainland, markets closed narrowly mixed ahead of a highly-anticipated meeting of the Communist Party beginning Oct. 18: The Shanghai Composite closed down 0.15 percent at 3,373.4368 and the Shenzhen Composite tacked on 0.105 percent to finish the session at 2,008.0604. Hong Kong's Hang Seng Index, meanwhile, traded 0.02 percent above the flat line at 3:02 p.m. HK/SIN. Gold prices fell to a near one-week low on Tuesday on speculation that the eventual successor to U.S. Federal Reserve Chair Janet Yellen will favor higher interest rates, denting bullion's appeal. Spot gold was down 0.3 percent at $1,289.66 an ounce, while U.S. gold futures for December delivery slipped 0.9 percent to $1,291.70 per ounce.