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Reuters - U.S stock index futures rose on Tuesday as an upbeat profit forecast from Johnson Johnson added to the positive momentum in corporate earnings generated by big banks last week.
Johnson Johnson's shares rose 1.7% after it raised its adjusted 2021 profit forecast, even if it stuck to its forecast of $2.5 billion in sales from its COVID-19 vaccine this year.
Walmart Inc's shares rose 2% after Goldman Sachs added the world's largest retailer to its Americas Conviction List Large-cap technology and communication companies including Facebook Inc, Apple Inc., Amazon.com Inc, Alphabet Inc, and Microsoft Corp all rose between 0.3% and 0.7%. Netflix Inc rose 0.1% ahead of its quarterly results later in the day.
After forecast-beating results from large banks last week set a positive tone for this earnings season, investors now turn to results from companies that are more exposed to supply chain constraints, price rises and labor shortages.
Travelers Cos Inc rose 2.7% after the property and casualty insurer beat estimates for third-quarter profit.
Should we have another solid week of results, this could inject S&P 500 bulls with enough confidence to venture into uncharted territory beyond its all-time high, wrote Lukman Otunuga, senior research analyst from FXTM in a client note.
Analysts now expect stocks to show a 32% increase from a year ago, according to Refinitiv data.
ET, Dow e-minis were up 147 points, or 0.42%, Nasdaq 100 e-minis were up 20 points, or 0.45%, and S&P 500 e-minis were up 51.5 points, or 0.34%.