(MENAFN- ProactiveInvestors) U.S. stock futures were higher in early trading Tuesday after Wall Street declined yesterday on Greek debt concerns despite a climb in oil prices.
Greek officials said they plan to propose a detailed compromise plan at an emergency meeting with creditors. Greek Defense Minister Panos Kammenos said if there is no deal then the country has an obligation to go to Plan B which is to get funding from another source. Greece is in the middle of trying to negotiate a 10 billion euro bridge to avoid a funding crunch attempting to buy time to negotiate with creditors.
European markets were mixed Tuesday. China's Shanghai Composite rose 1.5% after lower-than-expected inflation raised the prospect of additional monetary easing. China's consumer price index rose 0.8% on year in January down from a 1.5% rise in December.
In the U.S. futures on the three major US market indexes were up around 0.6% premarket. On the economic calendar today the Commerce Department is issuing its December wholesale inventories report at 10:00am ET which is seen rising 0.3%. The Labor Department is also slated to release its December JOLTS survey a measure of job opportunities and labor turnover at the same time.
Fed official Jeffrey Lacker the Richmond Fed President and a voting member on the central bank's policy panel this year is due to speak on education and economic growth at a forum in North Carolina at 8:20am ET this morning.
Oil futures were lower in New York this morning after Citigroup () lowered its crude forecast again and said West Texas crude could soon go as cheap as $20 per barrel despite the oil price rebound in recent weeks. WTI crude for March delivery fell 50 cents to $52.35 a barrel in New York. Gold futures edged down $5 to $1237 an ounce.
In corporate activity Coca-Cola () reported quarterly earnings that topped Wall Street estimates. CVS Health (VS) posted earnings and revenue that beat expectations.
Molson Coors () meanwhile posted a quarterly profit that missed estimates and revenue that topped views. The beer giant also said it is raising its dividend by 11% and preparing for a $1 billion share buyback.
Gap () reported a bigger-than-expected drop in January sales but raised its earnings guidance for the year while () said holiday sales were better than anticipated and as a result has cut its projected loss forecast. () said fourth quarter sales came in above forecasts helped by a strong holiday season.
In other news () has settled a patent royalties dispute with Samsung. The terms of the settlement were confidential but the suit is related to 's purchase of 's handset business in 2013.
Qualcomm () shares rose premarket after agreeing to pay $975 million to the Chinese government to settle a 14-month long investigation into alleged anti-competitive practices.
() beat profit estimates in its latest quarter on strong earnings at its investment bank but said the surging Swiss franc and negative interest rates will put pressure on its bottom line.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.