Strong earnings lift Dow, but Nasdaq hit by Alphabet

Elias Hubbard
July 28, 2017

US stock futures on Tuesday held steady, pointing to little change at the open, as investors waited for a raft of earnings reports from household names, with McDonald's among those coming before the bell.

About 20 minutes into trading, the Dow Jones Industrial Average stood at 21,622.08, up 0.5 percent. The pair of Dow components, which both reported quarterly results that beat Wall Street's estimates, contributed 95 points to the average's gains. Overall, the Dow closed up 0.5%, the S&P 500 index finished at a record, up 0.3% as did the Nasdaq Composite Index, which finished flat but enough to wrap up in positive territory.

Strong earnings from Caterpillar and McDonald's boosted the Dow early Tuesday, while the Nasdaq slipped on disappointing results from Google-parent Alphabet.

3M, Biogen, Caterpillar, DuPont, Eli Lilly, General Motors, McDonald's, Amgen, AT&T and Chipotle Mexican Grill are some of the major names set to release earnings before and after the bell. Eastern Time, followed by a July reading for a consumer confidence gauge at 10 a.m.

On the central bank front, the Federal Open Market Committee (FOMC) is set to begin the first day of its two-day meeting on Tuesday, where the USA central bank is expected to look at the current health of the US economy, and contemplate on what they should do next in terms of strategy, interest rates and their balance sheet.

Other markets: Oil futures traded higher, while European stocks rose after a survey showed German business sentiment ( as "euphoric".

Other reports by Click Lancashire

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