U.S. stock-index futures climbed, indicating the Standard & Poor’s 500 Index will continue its bullish attitude and will extend an all-time high, before earnings from companies including Freeport-McMoRan Copper & Gold Inc. and United Parcel Service Inc. (UPS).
Standard & Poors 500 futures expiring in September added 0.2% to 1,693.09 at 8:19 a.m. in New York. The benchmark index advanced to a record yesterday after a worse-than-forecast housing report increased speculation the Federal Reserve will maintain its pace of bond buying. Future contracts on the Dow Jones Industrial Average gained around 0.3% to 15,534 today.
“Earnings have largely been in line with expectations, with the exception of technology companies, and that has been good enough to keep the S&P 500 supported,” said Manish Singh, head of investment at Crossbridge Capital in London. “The tapering of stimulus is not as feared now as it was last month. We’re likely to see sideways or marginally higher moves.”
In corporate news, Texas Instruments climbed 1.9% to $38.13 after the world’s largest analog-chip maker forecast third-quarter sales of $3.09 billion to $3.35 billion. Average analysts forecast was $3.2 billion. The company predicted earnings will reach 49 cents to 57 cents a share, according to a statement. Analysts had projected 51 cents.
McDonalds worlds largest fast-food chain declined $2.69, or 2.7%, to $97.58, after it reported second-quarter earnings that fell short of expectations. McDonalds also said the rest of the year would remain challenging.
Netflix retreated 6.3% to $245.48 in early New York trading after saying it added 630,000 new U.S. customers for its Internet TV service in the second quarter, fewer than the average analyst projection of 700,000. The company forecast earnings of 30 cents to 56 cents a share in the third quarter, while the average analyst estimate called for 43 cents. Netflix shares have surged 183% so far this year.
CapitalSource Inc. jumped 10% to $10.83 in New York trading after PacWest Bancorp. said it agreed to buy the lender in a deal that will create California’s eighth-biggest commercial bank. CapitalSource investors will get about $11.64 a share in PacWest stock and cash, according to the joint statement.
European markets were mostly higher. The Stoxx Europe 600 recorded 0.2% increase. Asian markets gained after Japanese Prime Minister Shinzo Abes Liberal Democratic Party regained control of the upper house of Parliament in an election over the weekend. Nikkei and Heng Seng indexes were up by 0.8% and 2.33%, respectively.
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