Tuesday January 24th


US futures mixed as Wall Street focuses on earnings deluge

U.S. stock index futures were mixed on Tuesday as a number of companies posted quarterly results. Johnson & Johnson, Verizon, Travelers, DuPont and Alibaba were among the companies that reported earnings before the bell. Texas Instruments, Alcoa, Capital One, Discover Financial, Intuitive Surgical, Seagate Technology and Stryker are all due to report after the market close. On the data front, Tuesday will see Purchasing Managers Index (PMI) released at 9:45 a.m ET with existing home sales and Richmond Fed survey data due at 10 a.m ET. In Europe, the pan-European Stoxx 600 index was around 0.1 percent higher on Tuesday morning. In Asia, the Shanghai Composite in China closed 0.2 percent higher, while the Nikkei in Japan closed 0.55 percent lower. In oil markets, prices moved higher on Tuesday after evidence that OPEC and other oil exporters would commit to reducing production however an increase in drilling in the U.S. could cap further gains. Brent crude traded at around $55.65 a barrel on Tuesday, up 0.76 percent, while U.S. crude was around $53.16 a barrel, up 0.76 percent. Gold slipped from a two-month peak on Tuesday as investors took stock of U.S. President Donald Trump's first policy moves and a recovery in the dollar from recent lows. "The high in gold is an opportunity to take a bit of profit," Bhar said, adding that price was stuck in a $1,120-$1,220 range. Trump's protectionist statements and a lack of detail on policy have led some investors to opt for gold, which is often seen as an alternative investment during times of geopolitical and financial turmoil. It rose to its highest level since Nov. 22 during Tuesday's session before giving back gains. Spot gold was down 0.4 percent at $1,212.6 an ounce from an earlier high at $1,219.59. U.S. gold futures slipped 0.2 percent to $1,213. The dollar index, which measures the greenback against a basket of currencies, inched up 0.2 percent at 100.340. In the previous session, it hit a more than seven-week low of 99.899.