U.S. stock futures trended higher on Tuesday morning on Q3 earnings releases. Moreover, investors await the outcome of the Federal Reserve’s two-day policy meeting, which begins today. Futures on the Nasdaq 100 (NDX), the S&P 500 (SPX), and the Dow Jones Industrial Average (DJIA) were up 0.13%, 0.08%, and 0.38%, respectively, at 8:10 a.m. EDT on October 28.
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During Monday’s regular trading session, all three major indexes closed higher, with the S&P 500 closing above the 6,800 mark for the first time. The upside in the indexes was driven by potential U.S.–China trade truce, strong corporate earnings, and expectations of an interest rate cut.
Coming to trending stocks, shares of logistics giant United Parcel Service (UPS) rallied 11% in Tuesday’s pre-market trading on Q3 earnings beat. Likewise, UnitedHealth (UNH) stock was up about 5% on beat-and-raise results. Also, fintech SoFi Technologies’ (SOFI) stock was up 3.1% as of writing after the company reported upbeat Q3 earnings and raised its full-year guidance. All eyes are now on the earnings of five of the Magnificent 7 stocks this week.
Meanwhile, Qorvo (QRVO) stock was up 14% in pre-market trading on reports of a potential $8 billion acquisition by rival Skyworks Solutions (SWKS).
Traders are closely watching the Fed meeting, with markets largely pricing in a 25-basis-point rate cut. Investors also expect Chair Jerome Powell to signal another possible cut at the December meeting, citing a weakening job market. The Fed currently lacks key economic data due to the U.S. government shutdown.
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