Wall Street Set To Open Positive

The latest earnings news might have an impact on Tuesday’s market response. There are not many economic announcements today.

Early signs from the U.S. Futures Index suggest that Wall Street might open positive.
Asian shares finished mostly up, while European shares are trading broadly higher.
As of 7.35 am ET, the Dow futures were up 149.00 points, the S&P 500 futures were adding 24.25 points and the Nasdaq 100 futures were progressing 97.75 points.

On the earnings front, 3M (MMM) reported a third-quarter net loss compared to profit last year.
The company raised its full-year 2023 adjusted earnings per share to a range of $8.95 to $9.15. Previous guidance was in the range of $8.60 to $9.10.

3M expects fourth-quarter adjusted earnings per share in a range of $2.13 to $2.33. Adjusted sales are anticipated in a range of $7.6 billion to $7.7 billion.

Coca-Cola Co. (KO) said it now expects to deliver comparable currency-neutral earnings per share growth of 13 percent to 14 percent and comparable earnings per share growth of 7 percent to 8 percent from last year’s $2.48.

Third-quarter profit increased to $3.09 billion, or $0.71 per share, compared to $2.83 billion, or $0.65 per share, in last year’s third quarter.

The U.S. major averages eventually ended Monday mixed. The Dow and the S&P 500 fell to their lowest closing levels in over four months.

The tech-heavy Nasdaq rose 34.52 points or 0.3 percent to 13,018.33. The S&P 500 dipped 7.12 points or 0.2 percent to 4,217.04 and the Dow fell 190.87 points or 0.6 percent to 32,936.41.

On the economic front, The Flash Composite Purchasing Managers’ Index or PMI for October will be published at 9.45 am ET. The manufacturing index consensus is 49.5 and the services index consensus is 49.4.

The Richmond Fed Manufacturing Index for October will be released at 10.00 am ET. In the prior month, the Index was at 5.

The two-year Treasury Note auction will be held at 1.00 pm ET.

The Fed Money Supply for September will be published at 1.00 pm ET. In August, the M2 level was at $20.865 trillion.

Asian stocks ended mostly higher on Tuesday. China’s Shanghai Composite index climbed 0.78 percent to 2,962.24.

Hong Kong’s Hang Seng index fell 1.05 percent to 16,991.53.

Japanese shares ended slightly higher. The Nikkei average rose 0.20 percent to 31,062.35. The broader Topix index finished little changed with a positive bias at 2,240.73.

Australian markets snapped a three-day losing run and the benchmark S&P/ASX 200 edged up 0.19 percent to 6,856.90. The broader All Ordinaries index settled 0.22 percent higher at 7,045.60.

European shares are trading mostly higher today. CAC 40 of France is gaining 44.07 points or 0.64 percent. DAX of Germany is adding 45.46 points or 0.31 percent. FTSE 100 of England is declining 4.34 points or 0.06 percent. The Swiss Market Index is sliding 8.88 points or 0.11 percent.

Euro Stoxx 50 which provides a Blue-chip representation of supersector leaders in the Eurozone, is up 0.43 percent.

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