MARKET SNAPSHOT: U.S. Stocks Poised To Dance Around Record Levels Again As More Earnings Hit

By Victor Reklaitis, MarketWatch Features Dow Jones Newswires

Analyst: 'Trying to pick a top' like 'picking up pennies in front of a steamroller'

Continue Reading Below

U.S. stock futures pointed to little change at the open Tuesday, setting the Dow average and S&P 500 on course to hold near their all-time closing highs hit in the prior sessions.

Traders are taking in another round of earnings reports from household names like CVS Health Corp. and Dean Foods Co.

Dow Jones Industrial Average futures edged down 0.2% to 22,032, while S&P 500 futures dipped by 0.1% to 2,473.75. Nasdaq-100 futures shed 0.1% to 5,925.75.

On Monday, the Dow achieved its ninth-straight record close (http://www.marketwatch.com/story/dow-industrials-shape-up-for-record-no9-2017-08-07), as the S&P 500 also ended at a record. The Nasdaq Composite climbed to within 0.6% of its all-time closing high reached in late July.

"Trying to pick a top in U.S. equity markets" has been like "picking up pennies in front of a steamroller," said Michael Hewson, chief market analyst at CMC Markets UK, in a note.

Continue Reading Below

"The positive afterglow of Friday's jobs report continued to buoy sentiment, with volatility on the S&P500 at its lowest level in decades, as the summer doldrums beds in even further," he added.

Individual movers: Shares in Avis Budget Group Inc.(CAR) fell 8% in premarket action after the car rental company late Monday posted quarterly results that missed Wall Street's expectations (http://www.marketwatch.com/story/avis-shares-down-10-after-company-misses-eps-sales-forecasts-2017-08-07).

Marriott International Inc.(MAR) shed 4% in thin premarket trading. That's after the hotelier posted a quarterly earnings beat, but guided profit for the current quarter (http://www.marketwatch.com/story/marriott-earnings-beat-but-stock-falls-2-2017-08-07) slightly below analysts' forecasts.

CBS Corp.(CBSA) was little changed in light volume after the media giant also reported results late Monday (http://www.marketwatch.com/story/cbs-earnings-boosted-by-twin-peaks-final-four-2017-08-07), with revenue topping expectations.

Ahead of the open, drug store operator CVS (CVS) posted earnings and revenue that beat estimates (http://www.marketwatch.com/story/cvs-health-shares-rise-after-earnings-and-revenue-beat-estimates-2017-08-08). Shares inched down slightly ahead of the open.

Michael Kors Holdings Ltd.(KORS) soared 11% as profit at the clothing and accessories company's beat views (http://www.marketwatch.com/story/michael-kors-shares-spike-after-earnings-beat-2017-08-08).

Drug maker Valeant Pharmaceuticals International Inc.(VRX.T) was another big gainer, rising 6% premarket as its quarterly revenue topped forecasts (http://www.marketwatch.com/story/valeant-reports-q2-loss-cuts-2017-revenue-guidance-2017-08-08).

Dairy giant Dean Foods (DF) was 0.5% lower after its earnings disappointed (http://www.marketwatch.com/story/dean-foods-ceo-not-satisfied-with-q2-earnings-that-were-well-below-expectations-2017-08-08), while theme park operator SeaWorld Entertainment Inc.'s (SEAS)revenue missed views (http://www.marketwatch.com/story/seaworld-swings-to-loss-and-revenue-misses-expectations-2017-08-08).

Apparel seller Ralph Lauren Corp.(RL) is also among the companies on the earnings docket ahead of the open.

Economic news: Sentiment among small-business owners jumped in July (http://www.marketwatch.com/story/small-business-sentiment-rises-in-july-after-five-month-rut-nfib-2017-08-08), the National Federation of Independent Business said early Tuesday.

A June report on job openings is due at 10 a.m. Eastern Time. No Federal Reserve officials are slated to give speeches Tuesday.

Check out:MarketWatch's Economic Calendar (http://www.marketwatch.com/economy-politics/calendars/economic)

Other markets:Oil futures (http://www.marketwatch.com/story/oil-prices-tug-lower-on-doubts-opec-meeting-will-deliver-2017-08-08) traded higher as investors waited for word on whether the Organization of the Petroleum Exporting Countries will back any strong measures to enforce production caps at the cartel's ongoing meeting. Saudi Arabia has made good on its pledge to help rein in a global supply glut, a Reuters report said (http://www.marketwatch.com/story/saudi-arabia-to-cut-crude-oil-allocation-in-september-by-more-than-its-opec-pledge-report-2017-08-08).

European equities (http://www.marketwatch.com/story/european-stocks-edge-lower-on-downbeat-german-chinese-export-data-2017-08-08) tilted down Tuesday, as disappointing trade data from Germany and China pulled down on key sectors. Asian markets closed mostly lower (http://www.marketwatch.com/story/asian-markets-slip-amid-weakening-dollar-2017-08-07).

South Africa's rand was rallying ahead of a no-confidence vote (http://www.marketwatch.com/story/south-africas-rand-is-rallying-ahead-of-a-no-confidence-vote-on-president-jacob-zuma-2017-08-08) on President Jacob Zuma. A key dollar index was modestly lower, while gold futures edged higher.

(END) Dow Jones Newswires

August 08, 2017 07:51 ET (11:51 GMT)