By Barbara Kollmeyer, MarketWatch
MADRID (MarketWatch) -- Upbeat Apple results were calling the
shots on Tuesday for U.S. stock futures and pushing ahead
Nasdaq-100 futures in what otherwise looked like a low-key
start.
Investors are waiting on existing home-sales data as well as
earnings from the likes of McDonald's Corp., Coca-Cola Co. and
others.
Futures for the Nasdaq-100 index (NDZ4) rose 15 points, or 0.4%,
to 3,881.25. Those for the S&P 500 index (SPZ4) rose 4 points
to 1,903.60, a gain of 0.2%, while Dow industrials futures (DJZ4)
rose 18 points to 16,348.
Shares of Apple Inc. (AAPL) rose 2% in thin premarket trading,
after the company reported a 13% rise in profit, boosted by strong
demand for its new, bigger-screen iPhones and blowing out Wall
Street estimates. Morgan Stanley lifted its price target on Apple
to $115 from $110, and analysts at the investment bank said strong
iPhone demand and gross margin expansion will help drive upside for
shares. Also read: How you could have seen Apple's beat coming
The Nasdaq Composite(RIXF) had a strong session on Monday even
before Apple reported, gaining 1.4% and bettering the 0.9% gain for
the S&P 500 index (SPX).
Home sales and McDonald's in the spotlight: Economists expect
existing-home sales crept higher in September to an annual rate of
5.10 million from 5.05 million in August. That data is due at 10
a.m. Eastern. See the daily data preview
Ahead of that, McDonald's (MCD) is expected to report earnings
of $1.37 per share, while Coca-Cola (KO) is expected to report
earnings of 53 cents a share, according to FactSet consensus
surveys.
Verizon Communications Inc. (VZ) also reports ahead of the bell,
while Yahoo Inc. (YHOO) comes after the close.
Among other stocks that may see action, Chipotle Mexican Grill
Inc. (CMG) warned sales growth may slow, even as it reported
stronger-than-expected earnings late Monday.
China growth slows: The Nikkei 225 index fell 2% on Tuesday,
which gave the yen (USDJPY) a boost across the board, while China's
Shanghai Composite Index fell 0.7% after data showed China's
economy grew in the third quarter at the slowest pace in five
years. Europe stocks rebounded from Monday's losses, helped by a
round of solid earnings.
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