FX.co ★ Futures Pointing To Continued Strength On Wall Street

Stocks are poised for an uptick in early trading on Tuesday, building on the gains from the previous session. Major index futures currently indicate a modestly higher opening, with S&P 500 futures up by 0.2 percent.

A positive response to recent earnings reports is likely driving early buying interest. Bank of America (BAC) shares are notably higher in pre-market trading following stronger-than-expected second-quarter earnings. Similarly, UnitedHealth (UNH) is likely to see gains after reporting earnings that surpassed analysts' expectations.

Conversely, Morgan Stanley (MS) shares are experiencing notable pre-market weakness despite also reporting better-than-expected second-quarter earnings.

Traders are analyzing the latest U.S. economic data, including a Commerce Department report indicating that U.S. retail sales remained unchanged in June. This follows an upwardly revised 0.3 percent increase in May. Economists had anticipated no change in retail sales, matching the originally reported 0.1 percent rise for the previous month.

Excluding a significant decline in sales by motor vehicle and parts dealers, retail sales rose by 0.4 percent in June, following a 0.1 percent increase in May. Ex-auto sales were expected to edge up by 0.1 percent.

Additionally, a Labor Department report revealed that U.S. import prices were unexpectedly flat in June, remaining unchanged after a revised 0.2 percent decrease in May. Economists had forecasted a 0.2 percent increase compared to the initially reported 0.4 percent drop for May. Export prices decreased by 0.5 percent in June after a revised 0.7 percent decline in May, surpassing expectations of a 0.1 percent dip.

Shortly after the market opens, the National Association of Home Builders will release its report on homebuilder confidence for July, with the housing market index predicted to inch up to 44 from 43 in June. The Commerce Department will also publish its report on June business inventories, expected to show a 0.3 percent rise.

U.S. stocks closed with strong gains on Monday, with two of the three major indices reaching new highs due to robust buying across various sectors. Optimism about potential Fed interest rate cuts and increased prospects of former President Donald Trump winning the upcoming presidential elections contributed to positive sentiment on Wall Street.

The Dow ended 210.82 points higher, or 0.5 percent, at 40,211.72, after hitting a new high of 40,351.10. The S&P 500 climbed to a new high of 5,666.94 before closing at 5,631.22, gaining 15.87 points, or 0.3 percent. The Nasdaq gained 74.12 points, or 0.4 percent, ending at 18,472.57, after reaching a high of 18,641.53.

In overseas trading, the Asia-Pacific stock markets had mixed outcomes on Tuesday. Japan's Nikkei 225 Index rose by 0.2 percent, China's Shanghai Composite Index increased by 0.1 percent, while Hong Kong's Hang Seng Index dropped by 1.6 percent.

European markets, however, have generally declined. The French CAC 40 Index slid by 0.7 percent, while both Germany's DAX Index and the U.K.'s FTSE 100 Index are down by 0.4 percent.

In commodities trading, crude oil futures are down $1.43 to $80.48 a barrel, after decreasing $0.30 to $81.91 a barrel on Monday. Gold futures, which rose by $8.20 to $2,428.90 an ounce in the previous session, are up an additional $9 to $2,437.90 an ounce.

On the currency front, the U.S. dollar is trading at 158.77 yen, up from 158.06 yen at Monday’s close in New York. Against the euro, the dollar is valued at $1.0881, marginally down from yesterday's $1.0894.