Tuesday, November 19, 2019 – U.S. futures are pointing to a higher open, as investors digest earnings reports and await fresh developments on the U.S.-China trade front. The Dow and S&P 500 are both rising 0.2% in pre-market action. The Nasdaq 100 is trading 0.4% above fair value on the GLOBEX.
The early moves extend Monday’s gains, in which all three major averages advanced 0.1% to close at fresh record highs as investors weighed conflicting messages on the U.S.-China trade front. Although a report Monday suggested that the overall negotiating mood is negative, investor sentiment was supported by the White House issuing another 90-day license extension to allow American companies to continue conducting business with Chinese Tech giant Huawei Technologies. On the data front, housing starts rose 3.8% in October, while building permits jumped 5% in the same period, the most since May 2007. Treasuries are little changed, with the yield on the 10-year note holding steady at 1.81%.
In earnings, Home Depot is falling 3.8% after cutting its annual growth outlook for the second time this year, and falling short of analyst sales estimates. Shares of Kohl’s is slumping 12.5% after the department store retailer disappointed on the top and bottom line, and missed same-store sales estimates. Elsewhere, Boeing is adding 1.1% amid news the jet maker received orders for 50 of its embattled 737 MAX planes.
Overseas, the Euro STOXX 600 is gaining 0.5% near midday, hovering just below all-time highs. Germany’s DAX is rallying 0.9%. In Asia overnight, China’s Shanghai Composite advanced 0.9%, while Hong Kong’s Hang Seng jumped 1.6%.
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