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* JPMorgan rises premarket after profit beat
* UnitedHealth, J&J boost profit forecasts
* Wells Fargo, Goldman Sachs drop on earnings miss
* Futures up: Dow 0.30%, S&P 0.30%, Nasdaq 0.26%
(Adds comments; updates market action)
By Sagarika Jaisinghani
Oct 15 (Reuters) - Wall Street was set to open higher on
Tuesday, as strong earnings reports from JPMorgan Chase,
UnitedHealth and Johnson & Johnson allayed concerns about the
fallout from a prolonged U.S.-China trade war on corporate
America.
JPMorgan Chase & Co JPM.N gained 2% in premarket trading
after beating Wall Street estimates for third-quarter profit by
a wide margin. Shares of UnitedHealth Group Inc UNH.N and Johnson &
Johnson JNJ.N rose 2.2% and 1.7%, respectively. The healthcare
companies reported strong quarterly results and raised their
full-year profit forecasts. "A good earnings season with solid reporting and signs from
companies saying the future is okay would assuage fears
regarding an economic slowdown and recession," said Andre
Bakhos, managing director at New Vines Capital LLC in
Bernardsville, New Jersey.
Analysts are forecasting the worst quarterly profit
performance in about three years for S&P 500 companies, with
industrial companies among those most at risk from the trade
dispute. Wells Fargo WFC.N and Goldman Sachs GS.N dropped 1% and
2%, respectively, after reporting weaker-than-expected quarterly
profit. Collectively, banks are expected to report a 1.2% decline in
earnings, their first year-on-year drop in three, due in part to
low interest rates and trade tensions.
Wall Street has been rattled over the past 15 months by
tit-for-tat tariffs by the United States and China, with the
impact already reflecting in the domestic economy.
After a more than 11% increase in the first quarter, gains
in the three main U.S. stock indexes tapered off in the second
and third. The S&P 500 and Dow Jones kicked off the fourth
quarter with a 0.4% drop so far in October.
At 8:46 a.m. ET, Dow e-minis 1YMcv1 were up 79 points, or
0.3%. S&P 500 e-minis EScv1 were up 9 points, or 0.3% and
Nasdaq 100 e-minis NQcv1 were up 20.75 points, or 0.26%.
Shares of BlackRock Inc BLK.N , the world's biggest asset
manager, rose slightly after its quarterly profit beat
estimates. Home-furnishing retailer Bed Bath & Beyond Inc BBBY.O was
up 3.8% after Keybanc upgraded the stock to "overweight".
L3N2702TW
Shares of mobile game developer Glu Mobile GLUU.O jumped
9.1% as it is set to replace SolarEdge Technologies SEDG.O in
the S&P SmallCap 600. Lowe's Cos Inc LOW.N rose 1.9% after Piper Jaffray
upgraded the home improvement chain to "overweight" from
"neutral".
Bank of America BAC.N and Morgan Stanley MS.N are due to
report later this week, along with Netflix Inc NFLX.O , Abbott
Laboratories ABT.N and Union Pacific UNP.N .
S&P 500 earnings vs price performance https://tmsnrt.rs/35CNLAo
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