U.S. stock futures were up Tuesday night as traders weighed the latest round of earnings reports.
Futures tied to the Dow Jones Industrial Average rose 21 points, or less than 0.1%. S&P 500 futures gained 0.3% and Nasdaq-100 futures added 0.8%.
In Asia, Japan's Nikkei 225 was poised to rise at open, with its Chicago futures contract last at 65,355, while the one in Osaka is 65,210, compared with the index's previous close of 64,075.42. Futures for Hong Kong's Hang Seng index stood at 24,001, higher than the index's last close of 23,867.74.
Shares of Elon Musk's SpaceX jumped 8% after the company said its revenue grew 161% in the third quarter. Musk also said that SpaceX and Tesla, his auto manufacturer, have formed special committees to discuss a merger. Tesla shares were up 1%.
In regular trading, the Dow Industrials advanced nearly 530 points, or 1%, buoyed by a post-earnings jump in 3M. Shares gained more than 5% after the industrial products company raised its full-year guidance for profit. The S&P 500 gained 0.3%, while the Nasdaq Composite ended the session marginally lower.
Oil prices ended the session slightly lower. West Texas Intermediate crude futures slipped 1.8% on the day, while Brent crude futures lost 0.7%.
This earnings season could help propel stocks as the year winds down, according to Christian Mueller-Glissmann, head of asset allocation for Goldman Sachs Research.
"Near term there might be more volatility due to [artificial intelligence] concerns, Middle East tensions and midterm elections, but we think earnings support with lighter positioning and lower valuations should help equities into year-end," he wrote in a note.
Concerns around the sustainability of the AI trade have weighed on market sentiment, with traders focusing on debt-backed AI investments and whether the infrastructure demand justifies companies' spending. Data storage play Seagate Technology added 2% in Tuesday's regular trading, while neocloud stock CoreWeave advanced more than 1%.
On Wednesday, investors can expect some more insight into the AI trade, with Meta Platforms due to report after the bell. Earlier this month, the company rolled out its latest AI model, Muse Wonder, which is only available to paying users.
Traders are also watching for results from Tesla, IBM and Southwest Airlines, all due Wednesday.
1 Hour AgoAsia-Pacific markets set to rebound after Wall Street gains on strong earnings, easing oil prices
Asia-Pacific markets were set to open higher Wednesday, after Wall Street rose overnight on the back of strong corporate earnings and easing oil prices.
Futures for Japan's Nikkei 225 in Chicago were at 65,355, while in Osaka they were lats at 65,210, compared with the index's previous close of 64,075.42
Futures for Hong Kong's Hang Seng index last traded at 24,001, higher than the index's last close of 23,867.74.
Australia's S&P/ASX 200 gained 0.27%.
— Lee Ying Shan
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Intuitive Surgical — The medical robotics stock fell about 7% as the company's third-quarter results failed to impress investors. Intuitive Surgical earned $3 per share, excluding certain items, on revenue of $3.05 billion.
SpaceX — Shares gained almost 7% after the Elon Musk-led rocket company reported a 161% jump in third-quarter revenue to $14.58 billion. Musk also said that SpaceX and Tesla, his auto manufacturer, have formed special committees to discuss a merger. Tesla shares were up 1%.
Netflix — Shares of Netflix fell more than 5% after the streaming giant reported third quarter revenue that was in line with Wall Street's expectations. Sales came in at $12.87 billion, up 12% year over year, boosted by growth in membership and an increase in subscription prices that went into effect in March, the company said.
—Darla Mercado
2 Hours AgoU.S. stock futures open higher Tuesday night
U.S. stock futures were up Tuesday night as traders weighed the latest round of earnings reports.
Futures tied to the Dow Jones Industrial Average rose 0.19%. S&P 500 futures gained 0.47% and Nasdaq-100 futures added nearly 1%.
— Deena Zaidi
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