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Stocks - U.S. Futures Rise with Earnings in Spotlight; Debt Ceiling Suspended

Investing.com

Investing.com - U.S. futures rose on Tuesday after a bipartisan agreement to suspend the debt ceiling helped boost stocks, ahead a deluge of corporate earnings.

Congress reached a two-year deal that suspends the U.S. debt ceiling until the middle of 2021, eliminating the risk that the government will miss debt payments in September.

Nasdaq 100 futures rose 29 points or 0.4% by 6:50 AM ET (10:50 GMT), while Dow futures gained 80 points or 0.3% and S&P 500 futures inched up 8 points or 0.3%.

Earnings continued to be in focus, with the likes of Coca-Cola (NYSE:KO), Travelers (NYSE:TRV), Lockheed Martin (NYSE:LMT), and others reporting before the bell, while Visa (NYSE:V), Chipotle (NYSE:CMG), and Snap (NYSE:SNAP) release earnings after the market close.

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Chipmaker stocks were up, after Apple (NASDAQ:AAPL) supplier AMS (SIX:AMS) reported a strong outlook for the third quarter. Micron (NASDAQ:MU) rose 0.3%, while Advanced Micro Devices (NASDAQ:AMD) gained 0.9%.

Intel (NASDAQ:INTC) jumped 1.4% after a Wall Street Journal report that Apple (NASDAQ:AAPL) is close to a deal to buy its smartphone modem chip unit.

Elsewhere, General Electric (NYSE:GE) fell 0.5%, while Perrigo (NYSE:PRGO) lost 0.3% and Steel Dynamics (NASDAQ:STLD) slumped 5.2% after missing earnings estimates.

On the economic front, existing home sales for June are released at 10:00 AM ET (14:00 GMT).

In commodities, crude oil dipped 0.1% to $56.17 a barrel. Gold futures fell 0.5% to $1,420.05 a troy ounce, while the U.S. dollar index, which measures the greenback against a basket of six major currencies, was up 0.3% to 97.188.

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