Stock futures rise with eyes focused on retail earnings
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[November 21, 2017]
By Sruthi Shankar
(Reuters) - U.S. stock indexes were set to
open higher on Tuesday, as upbeat results from some retailers and cyber
security firm Palo Alto helped pre-market sentiment.
* Palo Alto <PANW.N> gained 9 percent after higher demand for its
cloud-based services helped the firm beat revenue and profit estimates.
* Urban Outfitters <URBN.O> rose more than 5 percent, while Dollar Tree
<DLTR.O> was up 3 percent after posting their quarterly reports.
* Lowe's <LOW.N> fell slightly even as the second largest U.S. home
improvement chain reported strong sales and profit on higher demand for
supplies and rebuilding material after hurricanes struck several parts
of the country.
* Signet Jewelers <SIG.N> tanked 16 percent after reporting weak
same-store sales and a surprise quarterly loss.
* Wall Street closed higher on Monday, with the merger of two mid-size
chipmakers lifting tech shares and a broker upgrade for Verizon <VZ.N>
boosting telecoms stocks.
* As third-quarter earnings wind down and no major economic data
scheduled, trading volumes were thin and expected to get even quieter in
the run-up to the Thanksgiving holiday.
* Federal Reserve Chair Janet Yellen said on Monday she would resign her
seat on the Fed's Board of Governors once Jerome Powell is confirmed and
sworn in to replace her.
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Traders work on the floor of the New York Stock Exchange (NYSE) in
New York, U.S., November 20, 2017. REUTERS/Brendan McDermid
* At an event later in the day, Yellen is expected to answer questions
on her term atop the central bank and the direction of policy and Wall
Street oversight in the years ahead.
* A report by the National Association of Realtors due at 10:00 a.m. ET
(1400 GMT) is likely to show existing home sales increased 0.7 percent
* Oil prices rose ahead of an OPEC meeting next week at which major
crude exporters are expected to extend production cuts, though rising
U.S. output capped gains.
* AK Steel <AKS.N> rose about 5 percent after Credit Suisse upgraded the
stock to "outperform".
Futures snapshot at 7:02 a.m. ET:
* Dow e-minis <1YMc1> were up 68 points, or 0.29 percent, with 21,660
contracts changing hands.
* S&P 500 e-minis <ESc1> were up 7 points, or 0.27 percent, with 135,936
* Nasdaq 100 e-minis <NQc1> were up 20.5 points, or 0.32 percent, on
volume of 23,656 contracts.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Bernard Orr)
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