MARKET SNAPSHOT: Dow Set To Gain More Than 100 Points, Led By Caterpillar's Earnings-driven Rally

By Victor Reklaitis, MarketWatch Features Dow Jones Newswires

But Whirlpool whacked after earnings

Continue Reading Below

U.S. stock futures on Tuesday pointed to a rise at the open, meaning another round of records could be in store for the main benchmarks.

Caterpillar Inc.'s earnings-driven rally looked set to lead the Dow industrials higher, while Whirlpool Corp.'s drop following its results helped limit the S&P 500's advance.

What are the main benchmarks doing?

S&P 500 futures tacked on 3.85 points, or 0.2%, to 2,567.25, while Dow Jones Industrial Average futures gained 135 points, or 0.6%, to 23,363.00. Nasdaq-100 futures added 7.25 points, or 0.1%, to 6,072.00.

On Monday, the S&P 500 , Dow and Nasdaq Composite finished moderately lower (http://www.marketwatch.com/story/us-stocks-aim-for-all-time-highs-with-more-earnings-ready-to-provide-a-spur-2017-10-23), with each gauge pulling back from an all-time closing high achieved Friday (http://www.marketwatch.com/story/dow-sp-shape-up-for-more-records-after-senate-clears-big-hurdle-to-tax-reform-2017-10-20). They're sporting year-to-date gains that range from 15% to 22%.

Continue Reading Below

Which stocks look like key movers?

Shares in Whirlpool(WHR) fell 9% in premarket trading. The appliance manufacturer late Monday posted weaker-than-anticipated results and lowered its outlook (http://www.marketwatch.com/story/whirlpool-shares-tank-on-earnings-miss-lower-outlook-2017-10-23), and Sears Holdings Corp.(SHLD) reportedly plans to stop selling Whirlpool appliances (http://www.marketwatch.com/story/sears-to-stop-selling-whirlpool-appliances-2017-10-24) in its stores. Whirlpool was the S&P's biggest premarket loser.

Heavy-machinery manufacturer Caterpillar Inc.(CAT) jumped 7% premarket after its earnings beat forecasts (http://www.marketwatch.com/story/caterpillar-shares-jump-7-after-company-beats-wall-street-q3-earnings-expectations-2017-10-24). The stock was the S&P and Dow's biggest premarket gainer.

Post-it Notes parent (http://www.marketwatch.com/story/3ms-stock-jumps-after-profit-and-revenue-rise-above-expectations-2017-10-24)3M Co.(MMM), drug giant (http://www.marketwatch.com/story/eli-lilly-beats-profit-and-sales-expectations-as-diabetes-sales-soar-39-2017-10-24)Eli Lilly & Co.(LLY) and auto maker General Motors Co.(GM) were also higher premarket following their earnings.

Burger chain McDonald's(MCD) and aerospace heavyweights United Technologies Corp.(UTX) and Lockheed Martin Corp.(LMT) are among the other companies on the earnings docket ahead of the open.

Read:EarningsWatch--Amazon, Alphabet and AMD form tech's A list (http://www.marketwatch.com/story/earningswatch-amazon-alphabet-and-amd-form-techs-a-list-2017-10-23)

Shares in conglomerate General Electric Co.(GE) and streaming company Roku Inc. will try to rebound after the stocks closed at a 4 1/2-year low (http://www.marketwatch.com/story/ges-stock-sinks-to-4-12-year-low-after-another-analyst-throws-in-the-towel-2017-10-23) and an all-time low (http://www.marketwatch.com/story/roku-closes-at-lowest-price-since-ipo-2017-10-23), respectively.

Facebook Inc.(FB) edged higher premarket after the social network late Monday denied that it's planning to charge publications (http://www.marketwatch.com/story/facebook-denies-plans-to-charge-publications-for-posts-2017-10-23) to post in its main product.

What could help drive markets?

At 9:45 a.m. Eastern Time, Markit is slated deliver October figures for its purchasing managers' indexes for manufacturing and services.

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

No Federal Reserve officials are scheduled to make speeches.

But traders may be focusing a bit further away, bracing for Thursday's European Central Bank gathering and Friday's release on third-quarter gross domestic product. There are also expectations that President Trump will announce a new Federal Reserve boss before he starts a trip to Asia on Nov. 3.

See:Trump says he's 'very, very close' to naming pick for Fed chief (http://www.marketwatch.com/story/trump-today-president-says-hes-very-very-close-to-naming-pick-for-fed-chief-2017-10-23)

What are strategists saying?

"Traders seem to be jostling for position, with several key risk events in the near future, but nothing definitive to provide markets with decisive direction," said Richard Perry, a Hantec Markets analyst, in a note Tuesday.

"In the course of the next week, there will be a crucial ECB monetary policy meeting, Q3 U.S. growth data and Donald Trump's decision for the next chair of the Federal Reserve's FOMC being 'very, very close,'" Perry added.

What are other assets doing?

Oil futures were advancing, while gold futures (http://www.marketwatch.com/story/gold-pushed-down-by-mild-dollar-strength-expected-recovery-for-stocks-2017-10-24) and the ICE U.S. Dollar Index inched lower. European stocks (http://www.marketwatch.com/story/european-stocks-wobble-in-muted-action-but-earnings-provide-some-uplift-2017-10-24) were a mixed bag (http://www.marketwatch.com/story/european-stocks-wobble-in-muted-action-but-earnings-provide-some-uplift-2017-10-24), as were Asian markets (http://www.marketwatch.com/story/nikkei-pushes-to-extend-win-streak-to-16-sessions-even-as-dow-sp-runs-are-halted-2017-10-23).

(END) Dow Jones Newswires

October 24, 2017 08:07 ET (12:07 GMT)