Stock futures were little changed Tuesday as a busy day of earnings got under way and traders digested soft retail sales data. Futures tied to the Dow Jones Industrial Average slipped 16 points, or 0.1%, while S&P 500 futures and Nasdaq-100 futures fell 0.1% and 0.2%. Bank of America reported better-than-expected earnings for the second quarter, thanks to higher interest rates. Stock in the firm slipped roughly 1.4% after giving up earlier gains. Bank of N.Y. Mellon’s earnings also exceeded expectations for the bottom line, while shares slipped roughly 1%. Data from the Commerce Department out Tuesday showed advance retail sales ticked up 0.2% month-over-month in June. Economists polled by Dow Jones forecasted a 0.5% increase. Morgan Stanley beat on both revenue and adjusted earnings per share thanks to record revenue in its wealth management segment. PNC Financial, meanwhile, dropped 3% on the back of mixed second-quarter numbers. J.B. Hunt is slated to report after the bell. The earnings season is off to a strong start, with roughly 82% of the S&P 500 companies that reported exceeding profit estimates, according to FactSet. The season comes as recent inflation data boosts the case for a soft-landing scenario among many investors, and stocks continue this year’s rally. But some skepticism lingers. “I don’t think we’re in a sweet spot,” SoFi’s Liz Young said Monday on CNBC’s “Closing Bell.” “You wouldn’t have those negative leading indicators, and even some of the concurrent indicators, if we were in a sweet spot.” Stocks are coming off a winning session that saw the Dow Jones Industrial Average rise for a sixth straight day and gain 76.32 points, or 0.22%, to notch its highest close of the year. The S&P 500 and Nasdaq Composite jumped 0.39% and 0.93%, respectively. Asia-Pacific markets were mixed as Hong Kong stocks led losses in the region, tumbling by 2% — dragged by real estate and technology stocks. Mainland Chinese markets were also in negative territory, with the Shanghai Composite down 0.37% to end at 3,197.82 and the Shenzhen Component falling 0.34% to 10,972.96. Both indexes recorded a second straight day of losses. In Australia, the S&P/ASX 200 was 0.2% down and closed at 7,283.8 for a second straight day of losses, as investors digest minutes from the Reserve Bank of Australia’s July meeting. The Nikkei 225 climbed 0.32% to end at 32,493.89 and the Topix rose 0.59% to 2,252.28. Japanese investors are bracing for key economic data later this week, including its trade balance and consumer price index figures for June. South Korea’s Kospi slipped 0.43% to close at 2,607.62, but the Kosdaq finished up 1.76% at 914.14, its highest level in over 15 months. Oil prices rose slightly Tuesday as investors weighed a possible tightening of U.S. crude supplies against weaker-than-expected Chinese economic growth. Brent crude was up 32 cents at $78.82 a barrel, while U.S. West Texas Intermediate crude edged 38 cents higher to $74.54 a barrel. Both contracts fell more than 1.5% on Monday, following lackluster Chinese data and the partial restart of some Libyan oilfields. Gold prices rose on Tuesday supported by a softer dollar, while investors awaited U.S. retail sales data that could have a bearing on the Federal Reserve’s policy outlook as inflation shows signs of cooling. Spot gold rose 0.4% to $1,961.67 per ounce. U.S. gold futures advanced 0.5% to $1,965.40.
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