Wall Street is expected to open higher on Tuesday after strong second-quarter earnings reports from several top U.S. firms, including Coca-Cola and United Technologies Corp.
Continue Reading Below
Investors also continue to brace for the Federal Reserve’s two-day meeting next week, where the central bank is widely expected to cut interest rates at least by 25-basis points.
Meanwhile, the White House and Congress reached on Monday evening a deal to suspend the debt limit through July 2021 and increase spending caps for military and nonmilitary programs for the next two years.
MORE FROM FOXBUSINESS.COM…
On the earnings front, Coca-Cola netted profits of 63 cents per share in the three months through June, higher than analysts expected. Overall, revenue grew 6 percent to $10 billion, slightly above what Wall Street predicted.
Adjusted net income at United Technologies Corp. grew to $2.20, beating estimates of $2.05 per share, while revenue rose 17.5 percent to $19.63 billion. The Farmington, Connecticut-based firm now expects full-year profits to hit as high as $8.05 per share.
Advertisement
CLICK HERE TO GET THE FOX BUSINESS APP
And at Biogen, profits in the second quarter rose to $9.15 per share, significantly topping analyst expectations of $7.53 per share. The biotech firm also raised its full-year profit outlook to a high of $30.40 per share.
