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Jan 24, 2017

U.S. Stock Market Future Indications on January 24, 2017: Dow Futures in Holding Pattern Ahead of Raft of Earnings

Victor Reklaitis
U.S. stock futures on Tuesday showed little change, as investors braced for a flurry of earnings reports that was expected to help drive trading.

S&P 500 futures  ESH7, -0.01%  edged up by 1 point, or less than 0.1%, to 2,263, while Dow Jones Industrial Average futures YMH7, +0.02%  inched higher by 15 points, or less than 0.1%, to 19,750. Nasdaq-100 futures NQH7, +0.04%  tacked on 3.75 points, or less than 0.1%, to 5,067.25.
On Monday, the S&P 500 SPX, -0.27%  , Dow DJIA, -0.14%  and Nasdaq Composite COMP, -0.04%  all closed between 0.04% and 0.3% lower. Investors have been watching to see what President Donald Trump can accomplish in his first 100 days in office.
See: How stocks perform in a new president’s first 100 days
And read: “Godfather” of chart analysis says Trump rally has 5% gain left
Trump’s policies “feel more isolationist as the days roll by,” said David Buik, market commentator at Panmure Gordon, in a note Tuesday.
“Consequently we have seen evidence of a flight to quality — in other words, investors have been buying bonds, awaiting more clarity on some more of Trump’s plans. We have also seen gold rally in recent sessions from $1,180 to $1,215 an ounce.”
But U.S. stocks have been somewhat “robust,” Buik added, noting the Dow is up 0.2% for the year as of Monday’s close, while the S&P is 1.2% higher and the Nasdaq has gained more than 3%. All three benchmarks stand less than 1% below their record closes scored in recent weeks.
Corporate news: A number of big names were expected to post earnings on Tuesday.
Releases were due ahead of the open from telecom Verizon Communications Inc. VZ, -0.59%  , Post-it Notes and Scotch tape maker 3M Co. MMM, +0.01%  , health care giant Johnson & Johnson JNJ, -0.21% , insurer Travelers Cos. Inc. TRV, +0.02%  , chemicals conglomerate DuPont DD, -0.34% and Chinese e-tailer Alibaba Group Holding Ltd. BABA, +2.45%   . Chip maker Texas Instruments Inc. TXN, +1.31% and aluminum giant Alcoa Corp. AA, +1.77%  were on tap for after the market’s close.
Earnings previews: Verizon, Travelers, Alibaba
Here's what's behind the whiskey boom in the U.S.
Whiskey suppliers' gross revenues reached $8.1 billion in 2015 and are estimated to have grown further in 2016. The surging demand for whiskey in the U.S. has led to a boom in craft distilleries opening up across the country.
Other markets: The British pound GBPUSD, -0.7020%  bounced around $1.25 as traders reacted to a U.K. court’s ruling that Prime Minister Theresa May can’t start the Brexit process without approval from Parliament. European stocks SXXP, +0.12% traded higher, while Asian markets were mixed. Oil futures CLH7, +0.17%  advanced, gold futures GCG7, -0.17%  dipped, and a key dollar index DXY, +0.37% edged up.
U.S. economic news: A January reading for a Markit manufacturing gauge is due at 9:45 a.m. Eastern Time, followed by December data on existing-home sales at 10 a.m. Eastern. Economists polled by MarketWatch forecast sales of 5.51 million.
Check out: MarketWatch’s Economic Calendar