(Reuters) – Futures tracking Wall Street’s main indexes rose on Tuesday, as economically sensitive stocks rebounded following a sharp selloff in the previous session, while shares of IBM jumped after posting strong second-quarter results.
Shares of International Business Machines (NYSE:IBM) Corp gained 4.0% in premarket trading as brokerages raised their price targets on the stock following strong quarterly growth in the company’s cloud and consulting businesses.
The second-quarter reporting season is underway, with 41 of the companies in the S&P 500 having reported. Of those, 90% have beaten consensus estimates, according to Refinitiv data.
Analysts now see year-on-year S&P 500 earnings growth of 72% for the April to June period, per Refinitiv.
Wall Street’s main indexes ended sharply lower on Monday, with the blue-chip Dow Jones index logging its worst day in nearly nine months as a surge in Delta variant infections sparked a broad sell-off on fears about renewed COVID-19 shutdowns and a protracted economic recovery.
Energy stocks Chevron Corp (NYSE:CVX), Schlumberger NV (NYSE:SLB), Occidental Petroleum Corp (NYSE:OXY), ONEOK Inc (NYSE:OKE), Phillips 66 (NYSE:PSX) and Halliburton (NYSE:HAL) Co rose between 0.8% and 2.7%, as oil prices edged higher after the previous session’s 7% slide. [O/R]
Rate-sensitive lenders Bank of America (NYSE:BAC), JPMorgan (NYSE:JPM), Citigroup (NYSE:C), Wells Fargo (NYSE:WFC), Goldman Sachs (NYSE:GS), Morgan Stanley (NYSE:MS) were up between 0.7% and 1.0%. [US/]
Shares of cryptocurrency and blockchain-related firms Coinbase Global, Riot Blockchain (NASDAQ:RIOT), Marathon Patent Group and MicroStrategy Inc fall between 1.4% and 2.8% as bitcoin slipped below $30,000.
Halliburton Co added 2% after it posted a second-straight quarterly profit, as a rebound in crude prices from pandemic-lows buoyed demand for oilfield services.