(By Salman - iStockAnalyst Writer) US stock futures slid on Tuesday on renewed hopes for a global economic recovery after Reserve Bank of Australia raised interest rates. Shares also rallied as weaker dollar boosted gold and other commodities.
At 8:17 am ET, the S&P 500 futures rose 8.40 points to 1044.80. The Dow Jones Industrial average futures advanced 72 points to 9618. The Nasdaq Composite futures gained 11.50 points to 1685.50.
Early on Tuesday, Pepsi Bottling Group Inc. (NYSE:
PBG) reported that its fiscal third-quarter net income rose to $254 million, or $1.14 a share, from $231 million, or $1.06 a share, in the prior year period. On an adjusted basis the company earned $1.06 a share. Revenue slipped to $3.6 billion from $3.8 billion last year. For the full fiscal year, Pepsi Bottling projected earnings in the high range of its $2.30 to $2.40 a share forecast.
Late on Monday, Mosaic Co. (NYSE:
MOS) said that its fiscal first-quarter profit dropped to $100.6 million, or 23 cents a share, from $1.18 billion, or $2.65 a share, in the year-earlier period. Quarterly revenue declined to $1.46 billion from $4.32 billion last year.
St. Jude Medical (NYSE:C
STJ) on Tuesday lowered its adjusted third-quarter earnings guidance to a range of 57 cents to 58 cents a share from 61-63 cents a share, due to lower-than-expected sales.
Financial services firm Marshall & Ilsley (NYSE:
MI) said on Tuesday that it expects to report fiscal third quarter loss in the range of 68 cents to 70 cents a share.
Verizon Wireless (NYSE:
VZ) and Google Inc. (NASDAQ:
GOOG) announced Tuesday that they are teaming up to deliver mobile applications and devices.
The Reserve Bank of Australia on Tuesday unexpectedly raised interest rates to 3.25 percent from a 49-year low of 3 percent.
Meanwhile, according to an exclusive report published Tuesday in the U.K. by The Independent, Gulf Arab states, along with China, Russia, Japan and France, are secretly planning to to replace the U.S. dollar with a basket of currencies in the trading of oil. However, Saudi and Russian authorities denied the reports.
US stocks finished with gains on Monday as stronger-than-expected services index data boosted investor sentiment.
European stocks advanced in afternoon trade. At 12:20 pm London time, the UK FTSE gained 79.79 points or 0.59% to 5,104.12. The German DAX and French CAC increased 1.64% and 1.37% respectively.
Asian stocks finished up. The Nikkei 225 rose 17.31 points or 0.18% to 9,691.80. The Hang Seng index of Hong Kong jumped 382.46 or 1.87% to 20,811.53.
NYMEX crude oil for November delivery declined as much as 90 cents or 1.3% to $71.31 a barrel in electronic trading.
Disclosure: Author doesn't own any of the stocks discussed here.
