US pre-open: Futures point to gains as earnings continue to roll in
Wall Street futures were pointing to a solid open on Tuesday as the likes of Coca-Cola, Biogen, Lockheed Martin, United Technologies and Harley-Davidson were all slated to report before the opening bell.
At 1200 BST, Dow futures were up 0.24%, while S&P 500 and Nasdaq futures were up 0.23% and 0.29%, respectively.
The Dow closed 18.31 points firmer on Monday after a Wall Street Journal report on Friday suggested that a more cautious 25 basis point cut was likely following comments from multiple officials from the central bank.
Oanda's Craig Elam said: "It seems traders are finally starting to come around to the idea that the Fed is not going to cut interest rates by 50 basis points at the meeting next week.
"After rising to around 40% last week, the probability has dropped back to around 15% today and even that seems a little high given the New York Fed's clarification and Bullard's comments on Friday."
On the corporate front, chipmakers will remain in focus after Applied Materials, Micron Technology and Lam Research led a late rally on Monday following an upgrade from Goldman Sachs.
Chubb, Visa, Chipotle and Snap will report after the bell, with Facebook, Google parent company Alphabet, Amazon, McDonald's and Boeing coming later in the week.
In terms of economic news, May's house price index will be posted at 1400 BST, followed by existing home sales for June and July's Richmond Fed manufacturing index at 1500 BST.