Stocks Little Changed on Busy Earnings Day - InvestingChannel

Stocks Little Changed on Busy Earnings Day

Stock futures in New York were little changed Tuesday as a busy day of earnings got under way.

Futures for the Dow Jones Industrials faded 13 points to 34,750.

Futures for the S&P 500 slipped 2.5 points, or 0.1%, to 4,551.25.

Futures for the NASDAQ eked lower 1.9 points to 15,821.75.

Bank of America reported better-than-expected earnings for the second quarter, thanks to higher interest rates. Bank of N.Y. Mellon’s earnings also exceeded expectations for the bottom line, sending its stock up more than 1%.

Morgan Stanley beat on both revenue and adjusted earnings per share thanks to record revenue in its wealth management segment. PNC Financial, meanwhile, dropped more than 2% on the back of mixed second-quarter numbers. J.B. Hunt is slated to report after the bell.

The earnings season is off to a strong start, with roughly 82% of the S&P 500 companies that reported exceeding profit estimates, according to FactSet.

The season comes as recent inflation data boosts the case for a soft-landing scenario among many investors, and stocks continue this year’s rally. But some skepticism lingers.

On the economic front, retail sales and industrial production data for June are due out Tuesday.

In Japan, the Nikkei 225 returned to trading with a gain of 0.3%. while in Hong Kong, markets returned to work Tuesday after being

shuttered for fear of a typhoon, but were pounded 2.1%.

Oil prices added 26 cents to $74.41 U.S. a barrel.

Gold prices hiked $10.80 to $1,967.20. U.S. an ounce.

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