Stock futures are rising early on Tuesday as investors await Fed Chairman Ben Bernanke’s testimony before Congress on the economy. But there’s plenty to snack on before Bernanke starts speaking speaks at 10 a.m. The consumer price index was unchanged in June, and core prices rose 0.2%, in line with expectations. Core CPI is up 2.2% in the past 12 months. ”
“Current inflation readings are not a significant barrier to additional Fed easing,” wrote T. Rowe Price Chief Economist Alan Levenson.
Dow futures rose 48 points; S&P 500 futures rose 5.6 points.
Earnings season kicked into high gear on Tuesday.
Goldman Sachs (GS) rose 2.1% after the bank beat analysts’ earnings expectations; its investment banking revenue fell 17% year over year, although fixed income trading revenue jumped 37%.
Johnson & Johnson (JNJ) beat earnings expectations, but missed revenue estimates, and the company reduced its full-year earnings guidance to account for currency changes. Shares fell 0.8%.
Coca-Cola (KO) rose 1.6%. The beverage giant’s earnings and revenue beat expectations even as higher costs ate into the company’s results.
Mattel (MAT) jumped 6.6% after the toy company said earnings rose by double-digits. Barbie and Hot Wheels brands performed well and the company profited off of Batman toys.
Fertilizer company Mosaic (MOS) rose 2.4%. Lower phosphate prices hurt earnings and revenue, but they fell less than analysts had expected. CEO James Prokopanko said the drought damaging the US corn crop likely won�t dent fertilizer sales.
Regional bank Comerica (CMA) rose 3.9% after beating earnings expectations late on Monday, helped by an increase in commercial loans.
Citi downgraded Target (TGT) to Neutral from Buy, sending shares 1.4% lower.
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