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. C, +1.69% and insurer UnitedHealth Group Inc. UNH, +1.44% , as well as a fresh reading for the Empire State index.
What are the main benchmarks doing?
Dow Jones Industrial Average futures YMH8, +0.95% climbed by 214 points, or 0.8%, to 26,015, while S&P 500 futures ESH8, +0.46% gained 9.80 points, or 0.4%, to 2,798.50. Nasdaq-100 futures NQH8, +0.46% jumped by 22 points, or 0.3%, to 6,797.25.
On Friday ahead of the three-day weekend, the Dow DJIA, +0.89% , S&P 500 SPX, +0.67% and Nasdaq Composite COMP, +0.68% scored yet another round of all-time closing highs, with the blue-chip barometer ending at 25,803.19.
Check out: This epic stock-market rally will get a second wind from stellar earnings
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?
Energy giant BP PLC BP, +1.48% said Tuesday it expects it expects to book a $1.7 billion post-tax charge in its fourth-quarter earnings for claims associated with the 2010 Deepwater Horizon blowout..
Citigroup Inc. C, +1.69% and UnitedHealth Group Inc. UNH, +1.44% are expected to report earnings ahead of the bell.
Shares of Ford Motor Co. F, +0.53% 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 DXY, +0.19% , 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 BTCUSD, -16.36% was down 13% to $11,865, touching a six-week low, as cryptocurrencies sold off.