US equity futures were trending higher before Tuesday's open as traders took positions ahead of the beginning of the latest earnings season this week. Investors are looking keenly at how companies across various sectors are performing amidst the current economic climate. Standard & Poor's 500 saw an increase of 0.4%, while the Dow Jones Industrial Average edged up 0.1%, and the Nasdaq added 0.5% in premarket activity.
Asian exchanges exhibited a mixed trend, leaning slightly lower, whereas European bourses were tracking in the red at midday. Pepsico reported fiscal third-quarter adjusted earnings of $2.31 per share before the bell, an increase from $2.25 the year before, indicating a positive trajectory for the food and beverage giant.
This week also promises critical updates as banking heavyweights JPMorgan Chase and Wells Fargo are set to release their earnings. They will be joined by major investment firms such as BlackRock, as well as notable corporations like Bank of New York Mellon, Fastenal, Delta Airlines, and Domino's Pizza, all of which are expected to provide insights into their financial health amidst fluctuating market conditions. In an interesting market movement, shares of Scholar Rock fell by 5.1% pre-bell after experiencing a remarkable surge of 362% at the close of Monday.
The biopharmaceutical company announced that its therapeutic candidate for spinal muscular atrophy met its primary endpoint in a phase 3 clinical trial, which initially spurred enthusiasm among investors. Conversely, Super Micro Computer advanced by 3.2%, aided by positive investor sentiment, while Nvidia rose by 1.6%, bolstered by demand for its products in the tech sector. The National Federation of Independent Business reported a rise in the small business optimism index by 0.3 points in September, totaling 91.5.
This suggests a cautious but positive outlook among small business owners in the current economic environment. On the economic calendar, the international trade in goods and services report for August is expected to be released at 8:30 am ET, providing crucial data for market participants. Furthermore, key figures from the Federal Reserve are scheduled to speak throughout the day, including President Raphael Bostic of the Atlanta Fed at 12:45 pm, Boston Fed President Susan Collins at 4 pm, and Federal Reserve Vice Chair Philip Jefferson at 7:30 pm, potentially influencing market trends.<br> Before the opening bell, bitcoin decreased by 1.4% to $62,434, West Texas Intermediate crude oil declined by 2.1%, settling at $75.5 per barrel.
Meanwhile, yields on 10-year Treasuries slipped by 0.4 basis points to 4.02%, and gold retreated by 0.2% to $2,661 an ounce, reflecting varied investor sentiments across asset classes..