Futures rise as strike in Syria put on pause
US markets are set for another day of gains as expectations of a Western military action eased.
Russia suggested that Syrian President Bashar al-Assad give up up his chemical weapons to international regulators, which could mean a military intervention would no longer be needed in Syria.
U.S. President Barack Obama called the proposal a possible breakthrough. Obama will spend the day discussing the matter with U.S. lawmakers before addressing the American public on Tuesday night.
In other news around the markets:* In Japan, Prime Minister Shinzo Abe has asked the country's Economic and Finance Ministers to put together a stimulus package by the end of September that would help the economy cope with the planned sales tax hike. Although the Japanese government has not yet decided whether or not to move forward with plans to raise the sales tax, recent economic indicators have suggested that the economy could withstand a tax increase.
* The Securities and Exchange Commission will lift a ban on September 23, that prevents privately held businesses from asking for funding or investments via advertisements. The SEC ban has been in place for 80 years, and the change has some regulators worried that loosening the rules could pave the way for scams and fraud.
* On Wednesday, Verizon Communications (VZ) is set to have the largest ever debt sale. Verizon is expected to raise at least $20 billion. The debt being sold is expected to range in maturity from three to 30 years and the funds raised will help pay for the company's $130 billion buyout of Vodafone's (VOD) stake in the companies' U.S. wireless joint venture, Verizon Wireless.
* In a speech on Monday, the UK's Chancellor of the Exchequer George Osborne claimed the UK's economy was "turning a corner" after data from the second quarter showed signs of considerable economic growth. Osborne defended his government's austerity program and highlighted the importance of continuing with spending cuts and tax hikes in order to close the nation's budget gap.
Asian markets rallied as tension between the West and Syria eased. The Japanese Nikkei was up 1.54%, the Shanghai composite was up 1.15%, and the Shenzhen composite gained 0.77%. Indonesia's JSX composite gained 3.19%, and the Hang Seng index was up 0.84%.
European markets were up across the board on Tuesday morning. The UK's FTSE gained 0.77%, and the eurozone's STOXX 600 was up 0.97%. The German DAX had the largest gains, up 1.37% and the Spanish IBEX was up 1.22%.
Energy futures tumbled as tension in the Middle East eased. Brent futures lost 0.40% and traded at $113.27 per barrel and WTI futures were down 0.71%. Metals were down across the board as well, with gold losing 0.66% and sliver down 1.51%.
The euro gained against the dollar and traded at $1.3249, but the yen lost 0.45 against the greenback and traded at 100 yen to a dollar. The pound gained 0.04% against the dollar, and the rupee gained 1.49% against the dollar.
Earnings reported Monday
Notable companies that reported earnings on Monday included:
Five Below (FIVE) reported second quarter earnings per share of $0.11 on revenue of $117.10 million, compared to last year's earnings per share of $0.04 on revenue of $86.82 million.
PVH (PVH) reported second quarter earnings per share of $1.39 on revenue of $1.97 billion, compared to last year's earnings per share of $1.25 on revenue of $1.34 billion.
Casey's General Store (CASY) reported first quarter earnings per share of $1.43 on revenue of $2.11 billion, compared to last year's earnings per share of $1.01 on revenue of $1.87 billion.
Hovnanian Enterprises (HOV) reported second quarter earnings per share of $0.06 on revenue of $478.40 million, compared to last year's earnings per share of $0.25 on revenue of $387.01 million.
Stocks moving in the premarket included:
NRG Energy (NRG) was down 5.09% in premarket trade after ending 1.3% higher on Monday.
Citigroup (C) gained 0.20% in premarket trade after reports that the FDIC is selling $2.4 billion in bonds issued by the bank in the 2008 financial crisis.
Bank of America (BAC) gained 0.14% in premarket trade despite reports that the company is planning to cut 2,100 jobs and close 16 mortgage offices as higher interest rates weaken the demand for loans.
Notable companies expected to report earnings on Tuesday include:
Pep Boys- Manny, Moe & Jack (PBY) is expected to report earnings per share of $0.19 on revenue of $539.35 million, compared to last year's earnings per share of $0.13 on revenue of $525.67 million.
Christopher & Banks (CBK) is expected to report a second quarter loss of $0.02 per share on revenue of $106.70 million, compared to last year's loss of $0.06 per share on revenue of $103.44 million.
Unilife (UNIS) is expected to report a loss of $0.10 on revenue of $6.30 million, compared to last year's loss of $0.16 on revenue of $692.00 thousand.
On Tuesday's economic calendar, we saw Chinese retail sales and industrial production data as well as Australian consumer sentiment data. Still to come is French industrial production, Italian GDP, Canadian housing starts, and Norwegian CPI and core inflation.
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