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US STOCKS-Futures higher after Alcoa earnings
July 9, 2013 / 11:20 AM / in 4 years

US STOCKS-Futures higher after Alcoa earnings

* Alcoa gains after earnings

* Tesla to be added to Nasdaq 100

* Intuitive Surgical slumps after forecast

* Futures up: Dow 30 pts, S&P 3.9 pts, Nasdaq 8 pts

By Chuck Mikolajczak

NEW YORK, July 9 (Reuters) - U.S. stock index futures rose on Tuesday, putting the S&P 500 on pace for a fourth straight advance, after results from Alcoa buoyed optimism about the current earnings season.

* Alcoa Inc marked the beginning of earnings season after the close on Monday, reporting adjusted earnings that topped expectations and said it still sees solid global demand growth for aluminum products this year. Shares of the largest U.S. aluminum producer rose 1.6 percent to $8.05 in premarket trade.

* The earnings report helped boost confidence in an earnings season that is currently forecast to show lackluster growth.

* According to Thomson Reuters data through Monday morning, analysts’ expectations call for S&P 500 earnings growth to rise 2.9 percent in the second quarter from a year ago, while quarterly revenue is forecast to increase 1.5 percent from a year ago.

* The earnings calendar remains fairly light for the remainder of the week, with only 5 S&P 500 companies scheduled to report, highlighted by JPMorgan Chase & Co and Wells Fargo & Co on Friday.

* The benchmark S&P 500 index has risen 1.6 percent over the past 3 sessions as economic data has helped ease concerns over the possible pullback in stimulus measures by the U.S. Federal Reserve.

* S&P 500 futures rose 3.9 points and were above fair value, a formula that evaluates pricing by taking into account interest rates, dividends and time to expiration on the contract. Dow Jones industrial average futures gained 30 points, and Nasdaq 100 futures added 8 points.

* Tesla Motors Inc gained 2.8 percent to $125 before the opening bell as Nasdaq OMX Group Inc said it will replace Oracle Corp on the Nasdaq 100 stock index, reflecting the rising profile of the U.S. electric car maker.

* Intuitive Surgical slumped 14 percent to $430.05 in premarket trade after the maker of the da Vinci surgical robot, said on Monday it expects second-quarter revenue below analysts’ expectations.

* European shares extended their gains into a second session on optimism about the health of the world-leading U.S. economy and a solid start to the earnings season there.

* Asian shares gained, taking heart from a rally on Wall Street spurred by strong U.S. job data last week.

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