Futures set to soar close to new records

By Baystreet Market Updates

U.S. stock index futures rose on Tuesday as equities move closer to record highs set earlier this year.

Futures for the Dow Jones Industrials increased 85 points, or 0.3%, to 25,553

S&P 500 futures gained 5.75 points, or 0.2%, to 2,855.75, while futures for the NASDAQ composite jumped 18.25 points, or 0.3%, to 7,462.25.

The S&P 500 was just 0.8% away from reaching an all-time high of 2,872.87, set on Jan. 26. The NASDAQ was also within 1% of a record high, while the Dow was more than 4.2% away from reaching an all-time high.

Dow-component Disney and Papa John’s are scheduled to report earnings after the close. Mallinckrodt reported better-than-expected earnings before the bell, sending its shares up by nearly 9 percent.

The U.S. Job Openings and Labor Turnover Survey (JOLTS) is scheduled to be released at 10 a.m. ET, followed by consumer credit at 3 p.m. ET. The latest economic data come just days after July’s jobs report came in below market forecasts, with total non-farm payrolls rising by 157,000, below the 190,000 predicted by economists.

Still, trade news worked its way into the picture.

Last week, China said it was ready to retaliate with tariffs on around $60 billion worth of U.S. goods, ranging from 5% to 25%; just days after the U.S. administration revealed that President Donald Trump had spoken with U.S. Trade Representative Robert Lighthizer and asked him to consider increasing the proposed levies on $200 billion worth of Chinese goods up to 25%, from 10%.

Overseas, in Japan, the Nikkei 225 added 0.7% while in Hong Kong, the Hang Seng index hiked 1.5%.

Oil prices acquired 70 cents to $69.71U.S. a barrel.

Gold prices moved upwards $5.20 to $1,222.90U.S. an ounce.

This article provided by NewsEdge.