(MENAFN- ProactiveInvestors) U.S. stock futures were higher in early trading Tuesday as hopes for quantitative easing by the ECB rose and beat quarterly expectations with its results last night but a continued plunge in oil prices past the key $45 a barrel benchmark could move stocks into red territory at some point today.
Futures on the three major US indexes were up 0.5% as of 8:15am ET. US stocks have slid for the past two sessions on concern about falling oil prices and whether earnings at large corporations could be weak as a result.
Oil prices extended their fall to near six-year lows this morning slumping below $45 a barrel after OPEC energy minister Suhail Al Mazrouei said the United Arab Emirates will continue to expand output reiterating that it would not be changing its production strategy. WTI crude for February delivery fell $1.48 to $44.59 a barrel in New York in electronic trading.
On the economic calendar the latest small business sentiment index from the National Federation of Independent Business is out at 9:00am ET. Investors will also get a look at the most recent JOLTS report the measure of job opportunities and labor turnover at 10:00am ET. In the afternoon the Treasury will release its monthly budget statement for December.
In corporate activity () shares rose premarket after the company topped expectations with earnings and revenue last night helped by growth in its aerospace and automotive markets.
Home builder () will be releasing quarterly results this morning while CSX () is slated to report its numbers after the closing bell.
Elsewhere Amazon () has created 6000 new jobs in Europe due to strong demand saying the jobs are full-time. Its permanent staffing levels in Europe are now at 32000.
() has reportedly been offered a $500 million loan by Salus Capital Partners according to a report in the Wall Street Journal. In September the electronics retailer had warned that it might file for bankruptcy. Shares surged over 12% premarket.
() was the subject of a renewed attack by Bill Ackman who reiterated his prediction that the company's stock price will collapse to zero within a year. Ackman has been betting against the company since 2012 claiming it is a pyramid scheme.
() shares climbed premarket after the stock was upgraded to outperform from neutral at Credit Suisse.
European markets were broadly higher today with shares in France leading the region on hopes for a stimulus program from the European Central Bank and a lift from retailers. Stocks in Japan settled down 0.64%.
Gold futures for February delivery were up $9 at $1242 an ounce in electronic trading in New York.
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