Equity futures are indicating Tuesday’s earnings-fueled rally will continue when stock markets open for the day.
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Dow Jones futures were rising by 0.52 percent. The S&P 500 added 0.61 percent and the Nasdaq Composite was up 1.01 percent.
A handful of big names are out with their July-September results on Wednesday, starting with General Motors, Anthem, Sprint, Estee Lauder, Kellogg and Clorox in the morning. After the closing bell we’ll hear from Express Scripts, AIG, Allstate, and Fitbit to name a few.
Traders will get a look at the first labor-related reports of the week leading up to Friday’s release of the October employment report.
The payroll processing company ADP will released its report on private sector hiring. The estimate is for 189,000 jobs.
Stocks were higher Tuesday following Monday’s losses as investors digested the latest economic data and corporate earnings reports.
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It was a big day for earnings, with two Dow members – Pfizer and Coke – reporting ahead of the opening bell. GE also posted results in the morning.
The Dow Jones Industrial Average rallied 431.72 points, or about 1.8 percent, to 28,874.64. The S&P 500 jumped 41.38 points, or 1.5 percent, to 2,682.63. The Nasdaq Composite was up 111.36 points, or 1.6 percent, to 7,161.65.
| Ticker | Security | Last | Change | %Chg |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 24874.64 | +431.72 | +1.77% |
| SP500 | S&P 500 | 2682.63 | +41.38 | +1.57% |
| I:COMP | NASDAQ COMPOSITE INDEX | 7161.6498 | +111.36 | +1.58% |
General Electric reported third-quarter profit and revenue that fell short of analyst estimates. The company also slashed its dividend to $0.01 per share from $0.12 per share. Shares fell more than 8 percent in response.
Coca-Cola shares rose 2.5 percent after the snack and drink maker beat earnings estimates.
Traders also digested the latest Case-Shiller report on home prices, which showed prices experienced their slowest annual growth in August since December 2016. This was just the latest piece of data supporting a slowing housing market as rising rates and climbing prices are starting to dent demand.
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In Wednesday’s trading in Asia, China’s Shanghai Composite finished the day higher by 1.4 percent.
Hong Kong’s Hang Seng rose 1.2 percent.
Japan’s Nikkei average ended the day up 2.16 percent.
In Europe, London’s FTSE opened up 1.2 percent, Germany’s DAX also gained 1.2 percent and France’s CAC added 1.4 percent.
FOX Business’ Leia Klingel contributed to this article.
