(MENAFN- ProactiveInvestors) U.S. stock futures were markedly higher in early trading Tuesday as earnings season kicks into high gear and as hopes for central bank stimulus in Europe sparked optimism.
U.S. markets were closed on Monday for the Martin Luther King Jr. Holiday but finished higher on Friday aided by a rally in oil prices and more stable currency markets. Major indexes still marked a fourth straight weekly loss however.
Futures on the three major US averages were up between 1.4% and 1.9% premarket Tuesday with the lone economic report on today's calendar coming at 10:00am ET when the National Association of Builders issues its monthly builder sentiment index for January.
European stocks were trading around seven-year highs ahead of the expected sovereign bond buying plan by the European Central Bank which is anticipated to be announced on Thursday when policy makers meet. China's Shanghai Composite rebounded slightly finishing up 1.8% after falling nearly 8% on Monday amid a margin trading crackdown. The gains came even as data revealed that China's economy grew 7.4% in 2014 its slowest pace in 24 years.
Meanwhile the International Monetary Fund has trimmed its global growth forecast for this year and next warning that a boost from lower crude oil prices would offset weaker economic prospects for China Japan and eurozone nations.
In corporate activity earnings season ramps up this week. () fell premarket after announcing lower-than-expected fourth quarter profit and revenue.
Halliburton () posted higher earnings and revenue in its December quarter but cautioned that this year will be challenging as it moves forward with its plans to acquire rival ().
() climbed premarket after reporting better-than-expected fourth quarter adjusted earnings helped by falling fuel prices.
() is also due to report results this morning while () and () are slated to release quarterly numbers after the closing bell.
In other news oilfield services giant () has agreed to buy a 45.65% stake in Russia's Eurasia Drilling for $1.7 billion with an option to buy the remainder three years after the deal closes.
() is reportedly close to investing about $1 billion in Elon Musk's SpaceX.
Amazon () is planning to produce about a dozen movies a year for theatrical release and then make these movies available to Amazon Prime customers within two months.
() is buying India-based mobile marketing company ZipDial for an estimated $30 to $40 million.
J.C. Penney () is according to a report in the Wall Street Journal bringing back its hefty print catalog about 5 years after killing it off after discovering that many of its online sales were driven by what customers saw in print.
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