U.S. stock futures on Tuesday pointed to a jump at the open, with Dow futures rising by more than 200 points and putting the blue-chip gauge on track for a fresh record near the 26,000 level.
Ahead of the opening bell, investors are slated to get earnings from banking heavyweight Citigroup Inc.
and insurer UnitedHealth Group Inc.
, as well as a fresh reading for the Empire State index.
What are the main benchmarks doing?
Dow Jones Industrial Average futures
climbed by 214 points, or 0.8%, to 26,015, while S&P 500 futures
gained 9.80 points, or 0.4%, to 2,798.50. Nasdaq-100 futures
jumped by 22 points, or 0.3%, to 6,797.25.
On Friday ahead of the three-day weekend, the Dow
, S&P 500
and Nasdaq Composite
scored yet another round of all-time closing highs, with the blue-chip barometer ending at 25,803.19.
What is driving markets?
The three major equity benchmarks have risen between 22% and 30% over the past 12 months, helped by factors such as an expanding U.S. economy, growth in corporate profits and enthusiasm over the Trump administration’s tax cuts and other business-friendly policies.
A fresh release on the U.S. economy’s manufacturing sector is due at 8:30 a.m. Eastern Time, with the January update for the Empire State index.
Check out: MarketWatch’s Economic Calendar
On the Federal Reserve front, no officials are slated to give speeches on Tuesday.
What are strategists saying?
The S&P 500 “has gained an impressive 4.2% in the new year as its uptrend has steepened,” said Katie Stockton, BTIG’s chief technical strategist, in a note.
“We are looking for a pullback in the 4%-5% range into February. This would be a welcome development, because it would alleviate the market of overly bullish sentiment without likely taking a toll on positive long-term momentum.”
Which stocks are in focus?
Shares of Ford Motor Co.
could be in focus, after the auto maker teased an all-electric SUV — the “Mach 1” — on Sunday, saying it will spend $11 billion on electric cars through 2022. Ford made the announcement at the North American International Auto Show in Detroit.
What are other markets doing?
The ICE U.S. Dollar Index
, which measures the buck against a basket of six rivals, was up 0.2% to 90.61, recovering somewhat from its recent fall.
The bitcoin spot price
was down 13% to $11,865, touching a six-week low, as cryptocurrencies sold off.