Stock Market Today: Futures Rise as JPMorgan, Goldman Top Earnings Estimates
NEW YORK (TheStreet) -- Stock futures were trading higher Tuesday as investors digested a spate of better-than-expected bank earnings and awaited testimony on the U.S. economy and monetary policy from Federal Reserve Chair Janet Yellen.
Shares of JPMorgan (JPM) were gaining 2.15% in premarket trading after the bank posted of $1.46 a share, beating analysts' estimates of $1.29 a share. Goldman Sachs (GS) was up 2.13% after the bank's earnings of $4.10 a share handily beat estimates of $3.05.
Markets boasted healthy gains Monday with the Dow closing well above the psychological threshold of 17,000, a level it had dipped below after European markets sold off last week. On the U.S. data front, June retail sales rose less than expected, up 0.2% vs. the average estimate of 0.6%. Import prices rose by a smaller-than-forecast 0.1% in June, vs. the 0.3% consensus estimate. The July Empire State Manufacturing Index came in at 25.6 vs. the 17 reading expected by economists. Yellen will give her semiannual monetary policy testimony to Congress on Tuesday and Wednesday beginning at 10 a.m. It's widely expected the Fed chair will reiterate the accommodative tone of her June 18, post-FOMC meeting press conference, even as labor market conditions and housing activity show signs of improvement. Other individual stocks poised for action Tuesday include Microsoft (MSFT), Yahoo! (YHOO), and Intel (INTC). Intel, the chip giant, is forecast by analysts to report after Tuesday's closing bell second-quarter earnings of 52 cents a share on revenue of $13.69 billion. Wall Street expects Internet company Yahoo! to post second-quarter profit of 38 cents a share on revenue of $1.08 billion. Microsoft is planning its biggest round of job cuts in five years, as the software maker looks to slim down and integrate Nokia's handset unit, people with knowledge of the company's plans told Bloomberg. -- Written by Andrea Tse in New York Follow @AndreaTTse >Contact by Email
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