News Column

Futures Pointing To Early Strength On Wall Street

July 29, 2014

WASHINGTON (Alliance News) - After ending the previous session roughly flat, stocks are likely to move to the upside in early trading on Tuesday. The major index futures are currently pointing to a higher open for the markets, with the Dow futures up by 44 points.

The upward momentum for the markets partly reflects a positive reaction to the latest batch of earnings news, including quarterly results from drug giants Merck (MRK) and Pfizer (PFE).

Shares of Merck are moving notably higher in pre-market trading after the company reported better than expected second quarter results on strong sales of its newer drugs.

Pfizer is seeing more modest pre-market strength after reporting second quarter adjusted earnings that beat analyst estimates despite a sharp drop in net income.

On the other hand, shares of UPS (UPS) may come under pressure after the delivery giant reported weaker than expected second quarter earnings and cuts its full-year guidance.

Trading activity may remain somewhat subdued, however, as traders may be reluctant to make any significant moves ahead of the Federal Reserve's announcement of its latest monetary policy decision on Wednesday.

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Source: Alliance News

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