Dow looks poised to break a losing run ahead of earnings barrage

Dow futures jumped nearly 100 points higher on Wednesday, giving the blue chip index a shot at breaking a string of losses, as investors geared up for a heavy line-up of earnings from Eli Lilly, 3M and more.

Google-parent Alphabet Inc. was marching higher premarket after forecast-beating results.

Dow Jones Industrial Average futures YMU8, +0.34% rose 100 points, or 0.4%, to 25,137, while S&P 500 futures ESU8, +0.20% gained 7 points, or 0.2%, to 2,819. Nasdaq-100 futures NQU8, +0.14% inched up 14.75 points, or 0.2%, to 7,445.38.

On Monday, the Dow slipped 13.83 points to 25,044.29, marking a third straight loss for the index, its worst losing streak since an eight-session slide that ended June 21, according to FactSet data. The S&P 500 index gained 0.2% to 2,806.98, while the Nasdaq Composite rose 0.3% to 7,841.87.

Earnings news will likely dominate the action for Tuesday as the busiest week of the season gets underway. Shares of AlphabetGOOGL, +1.10%  shot up over 4% premarket after forecast-beating results late Monday. Facebook Inc., Amazon.com Inc. and Twitter Inc. will also report this week.

Among economic data for Tuesday, the Philadelphia Fed manufacturing index is due for release at 8:30 a.m. Eastern Time, followed by the flash Markit manufacturing and services purchasing managers indexes for July, due at 9:45 a.m. Eastern.

Investors were also weighing up the possibility of new stimulus from China, after the country’s State Council outlined measures aimed at boosting domestic consumption, such as corporate tax cuts and support for small businesses.

Chinese bond yields also rose a day after U.S. Treasurys and sovereign bonds got a lift from news the Bank of Japan could be ready to adjust its monetary policy approach at an upcoming meeting. The yield on the 10-year U.S. Treasury noteTMUBMUSD10Y, -0.16%   was holding steady at 2.96%.

Alphabet, the Google parent company, reported $3.2 billion in net income for the quarter, which works out to $4.54 a share, down from $5.01 a share a year ago, when the company also dealt with a big antitrust fine from the EU. Without the fine, Alphabet would have reported earnings of $11.75 a share, the company said, well higher than analysts’ average estimate of $9.64 a share, according to FactSet. Shares hit record highs in the after-hours session and were higher in premarket action.

Eli Lilly & Co. LLY, +0.46% , Biogen Inc.BIIB, -0.16% , United Technologies Corp.UTX, -0.68% , Harley-Davidson Inc.HOG, -0.41% , Lockheed Martin Corp.LMT, -1.31% , Verizon Communications Inc.VZ, +0.26% , 3M Co.MMM, -1.54% , Kimberly-Clark Corp.KMB, +0.73% and JetBlue Airways Corp.JBLU, -0.15% are all expected to report earnings ahead of the stock market’s open. After the close, AT&T Inc.T, -0.32% , Chubb Ltd.CB, +0.53% and Texas Instruments Inc.TXN, -0.29% will report.

U.S.-listed shares of Swiss banking group UBS Group AGUBS, +0.91%UBSG, +3.60% rose 2.5% in premarket, after a forecast-beating profit rise. U.S. listed shares of Credit Suisse AGCS, +1.18%CSGN, +2.22% rose by a similar amount.

Whirlpool Corp. WHR, -0.72% shares fell 10% in premarket after the appliance maker surprised by swinging to a quarterly loss with lower sales and a downbeat outlook on revenue.

European stocks SXXP, +0.88% moved higher, led by gains for UBS and other banks, while Asian stocks pushed higher, rebounding from losses a day earlier.

The U.S. dollar was holding steady, while gold prices GCQ8, +0.09% were also flat, and oil CLU8, +0.71% was up about 0.5% to $68.21 a barrel.

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