Futures Higher Tuesday; Speculation Rises Over China Easing its Zero-COVID Policy

First Look

Futures are pointed higher Tuesday morning with global stocks rebounding as speculation grows that China may ease its strict zero-COVID policy. Shares of Pfizer (PFE) are 3.29% higher this morning following the healthcare company's earnings and revenue beat with higher than-expected COVID-19 vaccine sales with it raising its full-year COVID-19 sales forecast to $34 billion. Uber Technologies (UBER) shares are up 10.46% during premarket trading despite missing earnings estimates but surpassed revenue projections and saw its revenue jump 72% year-over-year. Uber's earnings report comes shortly after stating that the driving service is no longer facing driver shortages. The Nasdaq is up 1.18%, the S&P is up 0.95%, the Dow Jones is up 0.62%.

Today's Sentiment

Quote of the Day

Let your joy be in your journey - not in some distant goal.
Tim Cook

Stocks on the Move

International Markets

Stocks in Asia are up. The Hang Seng is up 5.23%, the Shanghai SE Composite Index is up 2.62%, the Australia ASX All Ordinaries is up 1.63% the Mumbai Sensex is up 0.62% and the Nikkei 225 is up 0.33%. In Europe stocks are up. The CAC 40 is up 1.61%, the Euro Stoxx 50 is up 1.48%, the FTSE 100 is up 1.42% and the DAX is up 1.29%.

Futures & Currencies

Energy futures are mixed today. The price for West Texas Intermediate crude oil is up 1.1 at 87.63 per barrel. Brent crude is up 1.18 at 93.99 per barrel. Natural Gas is down -0.14 at 6.21. Precious metals are up this morning. Gold is up 18.73 at 1652.29 per ounce. Platinum is up 17.1 at 947.74 while silver is up 0.83 at 19.95. The dollar is down compared to the major currencies today. The greenback is down against the euro, down against the Yen and down against the Pound. Bitcoin is down -1% to $20,528.11 while Ethereum is down -1.8% to $1,591.07.

Put/Call Ratio

Yesterday, 1,615,616 call contracts traded on the Chicago Board Options Exchange (CBOE) compared to 1,289,988 put contracts. The single-session put/call ratio was 0.8.

Today's Economic Calendar

Earnings Expected Today