U.S. stocks set to rebound at the open with strong earnings

U.S. stocks set to rebound at the open with strong earnings

U.S. stocks are set to rebound at the open with better than expected quarterly earnings rolling in during what is the second busy week of the year. The results are helping offset the wrangling in Washington after lawmakers missed the chance to extend the debt ceiling.

Dow and S&P indexes are pacing fresh gains pushing upwards on early records, with the Nasdaq also higher.

Consumer-related companies lead the parade as investors take in positive results from athletic retailer Under Armour, which raised its full-year outlook after revenue rose 35 percent to $1.3 billion.

By a solid balance sheet and well managed inventory, we're confident in our ability to serve through 2021 with the ability to return on offense and make measured progress to returning to sustainable, profitable growth over the long-term, said Under Armour President and CEO Patrik Frisk.

In energy, BP pulled in $2.8 billion in profits, prompting the oil giant to boost its dividend and buyback plan as oil continues its climb.

In deal news, Pepsi is selling a portion of its juice portfolio which includes Tropicana and Naked to private equity firm PAI Partners for $3.3 billion while retaining a 38 percent non-controlling interest in a newly formed joint venture.

In commodities, oil held the steady level at $71.41 per barrel, up slightly while gold traded a little down 0.46% to $1,813 an ounce.

Overseas, in Asia, equities fell across the board with the NIKKEI 225 Index down 139.19 points or 0.50% to 27641.83, 266.41.

While the Shanghai Composite Index fell 40.98 points or 0.16% to 26194.83 and the Hang Seng Index fell 16.29 points or 0.47% to 3447.99.