Futures higher as oil rises

By Yashaswini Swamynathan

(Reuters) – U.S. stock index futures were higher on Tuesday as oil rose even as Alcoa’s weaker-than-expected quarterly results kicked off the earnings season on a dismal note.

* Crude rose above $40 per barrel on hopes that a meeting of major producers on Sunday would result in a deal to curb a persistent global oversupply. [O/R]

* Data from China showing an 8.8 percent rise in March vehicle sales also supported the rise in oil.

* Shares of Alcoa (N:) were down 4.2 percent at $9.33 in premarket trading.

* Investors will turn their attention to corporate earnings over the next several weeks, amid turbulent global markets and the uncertainty about the U.S. Federal Reserve’s plan to raise interest rates.

* Wall Street closed lower on Monday with consumer staples offsetting a rise in bank and materials stocks.

* Data on Tuesday is likely to show U.S. import prices rose 1 percent in March after falling 0.3 percent the previous month. The report is due at 8:30 a.m. ET.

* Starbucks (O:) fell 1.4 percent to $60.02 after Deutsche Bank (DE:) downgraded the stock to “hold” from “buy.”

* Juniper Networks (N:) sank 8 percent to $22.90 after the company estimated quarterly profit and revenue below analysts’ expectations.

* Abbvie (N:) rose 1.9 percent to $59.60 after the U.S. Food and Drug Administration granted accelerated approval for the company’s blood cancer drug.

Futures snapshot at 7:03 a.m. ET:

* Dow e-minis () were up 50 points, or 0.29 percent, with 21,516 contracts changing hands.

* S&P 500 e-minis () were up 8 points, or 0.39 percent, with 171,578 contracts traded.

* Nasdaq 100 e-minis () were up 19 points, or 0.43 percent, on volume of 24,552 contracts.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data .

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

The article Futures higher as oil rises was originally published at Investing.com - All news.

  • scott

    looking for oil to trade up to 42 ahead of meeting