The U.S. equity market is set to open Tuesday's session in record territory as traders return from the extended MLK Day weekend. The S&P 500 futures are up 12 points, or 0.4%, the Nasdaq futures are up 36 points, or 0.5%, and the Dow futures are up 210 points, or 0.8%.
JPMorgan (JPM), Wells Fargo (WFC), PNC (PNC), and BlackRock (BLK) kicked off the fourth quarter earnings season with mostly better-than-expected results on Friday, and financials will continue to dominate the earnings front this week. Citigroup (C) is up $1.96, or 2.6%, at $78.80 per share in pre-market trading after reporting above-consensus earnings this morning. Bank of America (BAC), Charles Schwab (SCHW), Goldman Sachs (GS), and U.S. Bancorp (USB) will report on Wednesday, and Morgan Stanley (MS) and American Express (AXP) will report on Thursday.
Notable non-financial names reporting this week include UnitedHealth (UNH), which reported below-consensus earnings this morning, and IBM (IBM), which will report on Thursday. UNH shares are up $3.17, or 1.4%, in pre-market trading at $231.75 per share.
In other corporate news, Merck (MRK) is up $3.04, or 5.2%, at $61.70 per share after announcing positive results for its lung cancer drug Keytruda, while General Electric (GE) is down $0.52, or 2.7%, at $18.24 per share after announcing that it will take a $6.2 billion charge related to its legacy reinsurance businesses.
On the data front, today's lone economic report--the Empire State Manufacturing Index for January--declined to 17.7 (Briefing.com consensus 19.0) form the prior month's revised reading of 19.6 (from 18.0). As for the rest of the week, Industrial Production (Briefing.com consensus +0.4%) and Capacity Utilization (Briefing.com consensus 77.3%) for December will be released on Wednesday, and Housing Starts (Briefing.com consensus 1280K) and Building Permits (Briefing.com consensus 1290K) for December will be released on Thursday.
West Texas Intermediate crude futures are down 0.4% at $64.04 per barrel, slipping from a three-year high, while the U.S. Dollar Index is up 0.4% at 90.48, ticking up from a three-year low. The greenback is up 0.4% against the euro (1.2214) and 0.2% against the Japanese yen (110.73).
Elsewhere, equity indices in the Asia-Pacific region ended Tuesday on a mostly higher note, with Japan's Nikkei and Hong Kong's Hang Seng adding 1.0% and 1.8%, respectively, while the Euro Stoxx 50 is up 0.4%. Germany's DAX shows particular strength, adding 0.8%.