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US STOCKS-Futures up on China moves; focus on earnings
July 23, 2013 / 11:39 AM / 4 years ago

US STOCKS-Futures up on China moves; focus on earnings

* China signals support for growth, boosts global shares

* Earnings in full swing: Apple due after the bell

* Futures up: Dow 29 pts, S&P 3.5 pts, Nasdaq 10.25 pts

NEW YORK, July 23 (Reuters) - U.S. stock index futures rose on Tuesday, helped by China’s efforts to avoid a hard landing for its slowing economy, but gains were likely to be capped as the S&P 500 notched a third consecutive record closing high on Monday.

* The S&P 500 closed at yet another high on Monday with other major indexes also gaining, despite disappointing results from Dow component McDonald‘s. The S&P 500 is up 19 percent so far this year.

* China will stick to its prudent monetary policy, but will take decisive measures to support reasonable infrastructure and social welfare investment as well to develop the export sector, service industry and small firms, China’s Vice Premier Zhang Gaoli was quoted on Monday as saying.

* In the U.S., corporate earnings will be in the spotlight with major technology companies like Apple Inc due to report after the bell. Apple shares were up 0.1 percent at $426.84 in premarket trade.

* Among Dow components, U.S. insurer Travelers Cos Inc posted an 85 percent rise in quarterly profit, helped by lower disaster losses. The stock jumped 3 percent to $88 in premarket trade.

* Netflix Inc shares fell 5.2 percent to $248.38 in premarket trade, a day after the online-entertainment firm reported that its quirky comedy “Arrested Development” lured new subscribers in the second quarter, but not enough to impress investors.

* S&P 500 futures rose 3.5 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 added 29 points, and Nasdaq 100 futures added 10.25 points.

* European shares climbed in early trade on Tuesday, hitting seven-week highs with a flurry of deal activity sparking a sharp rally in the telecoms sector.

* China shares listed in Hong Kong posted their biggest rise in nearly seven months on Tuesday.

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