Wall Street is gearing up for a wave of earnings

U.S. stock futures pointed to an upbeat start Tuesday, continuing a winning run as investors face an onslaught of corporate earnings. Futures on the S&P 500 ES 00 gained 0.4%, or 18 points, to 4576.

On Monday, the Dow Jones Industrial Average DJIA gained 64 points, or 0.18%, to 35741, the S&P 500 SPX, rose 22 points, or 0.47%, to 4566, and the Nasdaq Composite COMP, gained 137 points, or 0.9%, to 15227. Both Dow and the S&P 500 ended at new highs, with the Nasdaq Composite just 1% away from record highs.

The S&P 500 has advanced for eight of the last nine sessions as third-quarter earnings have largely topped expectations. But strategists at Deutsche Bank are starting to notice a trend. Even though this has been a good earnings season in aggregate, we are starting to see more companies with supply backlogs, hiring difficulties and rising input prices that are eating into profits. Indeed yesterday a few consumer staples companies lower full year profit outlooks in their earnings releases, said strategists led by Jim Reid. Tuesday s earnings wave includes General Electric GE, 3 M MMM and after the close, Alphabet GOOGL and Microsoft MSFT, Social-media giant Facebook FB edged higher in premarket trade after it surpassed third-quarter earnings estimates but issued a revenue outlook below Wall Street forecasts. Overnight, Chinese vice-premier Janet Yellen and Treasury Secretary Liu He held their second call in four months. The economic calendar includes home price, new home sales and consumer confidence data.