U.S. futures were mostly flat on Tuesday as investors waited for earnings to roll in and assess the impact that the U.S.-China trade war has had on corporate profits.
Nasdaq 100 futures gained 12 points or 0.2% by 7:01 AM ET (11:01 GMT), while Dow futures rose 18 points or 0.1% and S&P 500 futures was flat.
Procter & Gamble (NYSE:PG) surged 3% in premarket trading after its earnings came in higher than forecast while Hasbro (NASDAQ:HAS) was flat after its results came in lower than expected.
Other earnings on the docket before the morning bell include United Parcel Service (NYSE:UPS), McDonald’s (NYSE:MCD), United Technologies (NYSE:UTX), Lockheed Martin (NYSE:LMT), and Kimberly-Clark (NYSE:KMB). After the close, Chipotle Mexican Grill (NYSE:CMG), Texas Instruments (NASDAQ:TXN) and Snap (NYSE:SNAP) are all expected to report.
Biogen (NASDAQ:BIIB) surged 30% ahead of its earnings results after it said it would pursue Federal Drug Administration approval after positive phase 3 studies for its aducanumab drug for treating the early stages of Alzheimer’s.
Meanwhile trade rhetoric continued, with Vice Foreign Minister Le Yucheng saying that progress between the U.S. and China had been made and any differences would be solved “as long as we respect each other.” The two sides shook hands on a limited trade deal last week but have yet to formalize it.
On the data front, the Philadelphia Fed non-manufacturing index comes out at 8:30 AM ET, followed by existing home sales.
In commodities, gold futures inched up 0.1% to $1,490.65 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, was flat at 97.093. Crude oil futures jumped 0.4% to $53.73 a barrel.