Updated from 7:44 a.m. ET, Wednesday, Aug. 2.
Stock futures pointed to a higher open on Wednesday, Aug. 2, as positive earnings from Apple Inc. (AAPL) put the Dow Jones Industrial Average's rise to 22,000 within reach.
S&P 500 futures increased 0.04%, Dow Jones Industrial Average futures were up 0.2%, and Nasdaq futures added 0.74%.
Premarket gains put the Dow on a path to open at new records and close in on 22,000 a level it has never reached before. The blue-chip index closed Tuesday, Aug. 1, with a record close for its fifth session in a row. The S&P 500 and Nasdaq also rose, though missed out on records.
Apple gained 7.3% in premarket trading, on track to open at a record high, after beating earnings forecasts and issuing an outlook that seemed to allay worries over potential iPhone 8 delays. Apple said it expects revenue in its fiscal fourth quarter, which ends in September, to be about $49 billion to $52 billion, a figure that tops analysts' forecasts and suggests that rumors of production and technical delays linked to the 10th anniversary iPhone release later this year were unfounded.
For its fiscal third quarter, the world's biggest tech company posted earnings of $1.67 a share on revenue of $45.41 billion. Apple said all-time iPhone sales topped the 1.2 billion mark during the three months ended in June after 41.03 million units were shipped during the quarter, a 1.6% increase from the same period last year.
- Apple's Big iPad Turnaround and Upbeat Outlook Could Push the Stock Even Higher
- Tim Cook on Trump's Claim that Apple Is Building 3 U.S. Factories: 'There's More We Can Do'
Time Warner Inc. (TWX) climbed 1.5% in premarket trading after a better-than-expected second quarter. The media company earned $1.34 a share, up from $1.20 a share a year earlier. Adjusted earnings of $1.33 a share beat estimates of $1.19. Revenue of $7.33 billion exceeded consensus of $7.3 billion.
Mondelez International Inc. (MDLZ) was slightly higher after topping profit estimates over its recent quarter and announcing a dividend hike. Adjusted earnings of 48 cents a share exceeded estimates by 2 cents, though revenue of $5.99 billion came in slightly short of consensus of $6 billion. The company increased its dividend by 16% to 22 cents.
Mondelez also announced that CEO Irene Rosenfeld would step down with Dirk Van de Put assuming the position. Rosenfeld will continue as chairman until March 31, 2018.
Other earnings of note Wednesday include American Financial Group Inc. (AFG) , Big 5 Sporting Goods Corp. (BGFV) , Cabot Corp. (CBT) , Denny's Corp. (DENN) , Devon Energy Corp. (DVN) , Frontier Communications Corp. (FTR) , Genworth Financial Inc. (GNW) , Hanesbrands Inc. (HBI) , Herbalife Ltd. (HLF) , Illumina Inc. (ILMN) , Sodastream International Ltd. (SODA) , Southern Co. (SO) , Rio Tinto PLC (RIO) , Molson Coors Brewing Co. (TAP) , KBR Inc. (KBR) , Humana Inc. (HUM) , Garmin Ltd. (GRMN) , Exelon Corp. (EXC) , Energizer Holdings Inc. (ENR) , and Dominion Energy Inc. (D) .
The private sector added 178,000 jobs in July, according to the latest ADP National Employment Report which tracks private payrolls data. Economists were expecting the U.S. to have added 190,000 private payrolls jobs in July.
As for the Labor Department's official number on Friday, analysts anticipate that a summer lull could pull the number of jobs added to the U.S. economy to below 200,000 for the third time this year. Economists surveyed by FactSet anticipate 180,500 jobs to have been added to the U.S. economy in July, still a solid pace though slower than the rate of 222,000 in June.
On the plus side, the unemployment rate is expected to fall by 10 basis points to 4.3%. Hourly earnings are expected to have increased 0.3% month on month, picking up from a 0.2% growth rate in June. Year over year, hourly earnings growth is targeted to have held at 2.5%.
Crude oil prices were slightly higher ahead of weekly inventories data out mid-morning. The Energy Information Administration will release its domestic stockpiles data report at 10:30 a.m. ET. The American Petroleum Institute reported an increase of 1.8 million barrels in the past week.
West Texas Intermediate crude was up 0.2% to $49.25 a barrel on Wednesday morning.
More of What's Trending on TheStreet:
- Apple Shares Are Booming Overseas as Tech Giant Heads to $800 Billion Valuation
- Here Are the 5 Biggest Things We Learned From Apple's Earnings Call
- Tesla Bulls Should Take Comfort Knowing This is the Last Earnings Report Without Model 3 Deliveries
- Intel CEO Brian Krzanich: We're Still Paranoid About the Competition
Watch More with TheStreet: