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U.S. equity futures were little-changed in early Tuesday trading, following in from last night’s record close for the S&P 500, as investors looked to a busy day of bank earnings while eying a notable pullback in global oil prices.
Stocks powered to another record high on Monday, with the S&P 500 recording its 45th all-time peak of the year, and extending its 2024 advance to around 22.9%, thanks in part to solid gains from megacap tech names such a Nvidia (NVDA) and Apple (AAPL) .
The Dow Jones Industrial Average also closed north of the 43,000 point mark for the first time on record, with the benchmark riding gains tied to the energy and industrial sectors.
Focus Tuesday will likely shift back to bank earnings, with a trio of lenders slated to update prior to to the opening bell, lead by Goldman Sachs (GS) , one of the top banking stock performers of the year.
Goldman Sachs shares have added around $40 billion in market value this year, with the stock pacing gains for the sector with a 34.6% advance.
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Goldman is likely to see a 25% increase in its third quarter bottom line, which is forecast at $6.89 per share, thanks in part to a surge in investment banking fees.
Citigroup (C) and Bank of America (BAC) , meanwhile, will likely post modest earnings declines when compared to last year, with investors looking keenly at the lenders’ forecasts for net interest income and loan delinquency rates heading into the final months of the year.
Johnson & Johnson (JNJ) , as well as UnitedHealth Group (UNH) , will also publish third quarter updates before the opening bell.
Markets will also be tracking a big move lower in global oil prices, tied in part to a report from the Washington Post that Israel will refrain from hitting energy targets in Iran as part of its planned retaliatory strikes later this month.
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The International Energy Agency also warned of a potential glut in global supplies, tied in part to weakening China demand, following yesterday’s lower-than-expected growth forecasts from the OPEC cartel.
Brent crude futures contracts for December delivery, the global pricing benchmark, tumbled $3.47 to change hands at $73.89 per barrel, while WIT contacts for November slumped $3.42 to trade at $70.41 per barrel heading into the New York session.
On Wall Street, futures contacts tied to the S&P are priced for a modest 1 point opening bell decline, with the Nasdaq called 33 points lower and the Dow likely to gain around 75 points at the start of trading.
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In overseas markets, Europe’s Stoxx 600 benchmark slipped 0.14% in early Frankfurt dealing, while Britain’s resource-heavy FTSE 100 fell 0.41% in London.
Overnight in Asia, Japan’s Nikkei 225 rose 0.77% as markets returned from Monday’s Sports Day holiday, while stocks in China slumped following another vague update on stimulus from government officials, pulling the regional MSCI ex-Japan benchmark 0.7% lower into the close of trading.
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