US futures point to higher open

 cnbc.com  01/22/2020 07:04:22   Elliot Smith

U.S. stock index futuresfutures bounced Wednesday as investors monitor a range of corporate earnings, along with developments concerning the spread of a deadly virus in China.

At around 2:00 a.m. ET, Dow futures rose 118 points and pointed to an implied positive open of more than 140 points. Futures on the S&P 500 and Nasdaq were also higher.

China on Wednesday unveiled measures to rein in the deadly Wuhan coronavirus, tempering fears of a global pandemic which sent markets tumbling on Tuesday.

Public health officials have confirmed that the first U.S. case has been diagnosed in Washington State, but the male patient "poses little risk" to the public, the Centers for Disease Control and Prevention said Tuesday.

Market focus will also be attuned to corporate earnings. IBM forecast full-year profit above market expectations on Tuesday, sending its shares higher, while United Airlines beat Wall Street quarterly profit expectations despite ongoing delays to the Boeing 737 MAX aircraft.

Netflix forecast a tough start to 2020 and missed Wall Street growth expectations in the fourth quarter, while Tesla became the first $100 billion publicly listed U.S. automaker during Tuesday's extended trading.

Boeing said on Tuesday that it does not expect to gain approval for the return of the embattled 737 MAX until mid-year, due to an extended certification process and increased regulatory scrutiny of its much-maligned flight control system, sending the aircraft manufacturer's shares lower.

Johnson & Johnson and Abbott Labs are among the companies reporting before the bell, with Texas Instruments set to report after Wednesday's close.

U.S. Redbook data for January is due at 8:55 a.m. ET, with existing home sales figures for December scheduled for 10:00 a.m. ET.

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