Stock market on track for higher open after flurry of earnings – MarketWatch

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U.S. stock-index futures edged modestly higher Tuesday as investors sifted through mostly upbeat earnings releases and awaited several Federal Reserve speakers.

Futures for the Dow Jones Industrial Average YMM7, +0.11%  rose 40 points to 20,981, while those for the S&P 500 index ESM7, +0.09%  were gained 4 points to at 2,398. Futures for the Nasdaq-100 index NQM7, +0.33%  gained 8 points to 5,663.

The subtle moves come after a day of listless trading activity on Monday, after the widely expected victory for independent centrist Emmanuel Macron in the French election failed to sustain strong gains.

Read: Here’s why the Macron-inspired rally for global markets is fizzling

The S&P 500 index SPX, +0.14%  and Nasdaq Composite Index COMP, +0.41%  barely finished in positive territory, but the tiny gains were still enough to represent new all-time highs for both benchmarks. The Dow average DJIA, +0.12%  rose less than 0.1%.

“With [the French election] hurdle cleared, investors have already turned their attention to a roster of risk events over the next six weeks, including U.K. and French [parliamentary] elections, major central bank updates and an OPEC meeting,” analysts at Accendo Markets said in a note.

Macron easily defeated far-right nationalist Marine Le Pen, seen as a removal of potential geopolitical turmoil in Europe. That helped send the CBOE Volatility Index VIX, +0.20%  to its lowest level since 1993, “suggesting low anxiety among investors who are merely awaiting the next catalyst to extend the long-term uptrend,” according to the Accendo analysts.

Economic news: The Federal Reserve meeting in June is one of the events traders are waiting for to potentially steer the market higher. According to the CME FedWatch tool, markets are pricing in an 88% chance of a rate increase at the U.S. central bank’s June 14 meeting.

On Tuesday, several Fed speakers will be closely watched for any hints about the upcoming policy decision.

Minneapolis Fed President Neel Kashkari will talk at the Minnesota High Tech Spring Conference in Minneapolis at 9 a.m. Eastern Time, followed by a speech by Boston Fed President Eric Rosengren at the NYU Stern School of Business at 1 p.m. Eastern.

Dallas Fed President Rob Kaplan will appear in a moderated discussion at the Dallas Regional Chamber in Dallas at 4:15 p.m. Eastern.

In economic data, small-business sentiment fell for the third straight month in April to a reading of 104.5.

Job openings and wholesale inventories—both for March—are out at 10 a.m. Eastern.

See: MarketWatch’s economic calendar

Earnings season: Office Depot Inc. ODP, +3.72% stock soared 11% after the retailer beat earnings expectations.

Allergan PLC AGN, -0.10%  shares rose premarket as the company topped earnings estimates on strength of Botox, eye care products.

Valeant Pharmaceuticals International Inc. VRX, +11.53% shares soared 11% in premarket trade, after the drugmaker beat first-quarter profit expectations, although revenue came up shy.

Discovery Communications Inc. DISCA, -3.38%  shares fell 3% following first-quarter earnings that came in below expectations as subscribers cut the cord.

Nvidia Corp. NVDA, +1.10%  also reports before the market bell.

Read: Nvidia earnings: Can AI-powered businesses make up for gaming slowdown?

After the closing bell, Walt Disney Co. DIS, +0.28% Priceline Group Inc. PCLN, +0.31% and Electronic Arts Inc. EA, -0.08% are on the earnings docket. News Corp. NWSA, +0.35% the owner of MarketWatch, will also report after hours.

Stock movers: Shares of Marriott International Inc. MAR, +6.23%  gained 5.2% in premarket trade after the hotel operator’s quarterly earnings released late Monday topped Wall Street estimates.

Other markets: Stocks in Asia closed mixed, with Japan’s Nikkei 225 index NIK, -0.26%  down 0.3%, while Hong Kong’s Hang Seng Index HSI, +1.27%  rallied 1.3%.

Stock markets in Europe marched higher, rebounding from Monday’s losses.

Read: Why ‘this is the end of the European rally’ in stocks, says Saxo Bank

The dollar DXY, +0.31%  traded higher against most major currencies, adding pressure on gold prices GCM7, -0.56%

Oil prices CLM7, -0.82%  advanced in anticipation of a deal to extend output cuts when OPEC meets later in May. The yield on a 10-year Treasury note TMUBMUSD10Y, +0.69%  was up 1 basis point to 2.40%.

Read: How oil is setting up for a supply squeeze—and that’s good news for bulls

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