Stock futures traded higher on Tuesday after a rally in tech shares brought an end to the four-session losing streaks for the S&P 500 and Nasdaq Composite. Meanwhile, Treasuries steadied after reaching their highest yield since November 2007.
Stocks in Focus
Zoom Video Communications (ZM)
Shares of Zoom Video Communications rose 3.9% in premarket trading following better-than-expected adjusted second-quarter earnings and revenue. The videoconferencing company also exceeded estimates for its third-quarter and yearly forecasts, while highlighting new artificial-intelligence features. CEO Eric Yuan stated, "We continue to innovate and expand our platform to help bring value and enhanced productivity to our customers with new AI features like Zoom IQ Meeting Summary and Team Chat Compose."
Fabrinet, a high-tech manufacturing services company, issued a fiscal first-quarter forecast that surpassed expectations. It also reported higher adjusted earnings and sales for the fourth quarter, with strong growth in datacom revenue driven by new AI products. As a result, the stock surged 18% in after-hours trading on Monday.
Nordson reported lower fiscal third-quarter earnings and revenue compared to the previous year, citing persisting demand weakness in electronics and biopharma end markets. The industrial automation company also reduced its revenue outlook for the fiscal year.
Analysts anticipate Lowe's to announce second-quarter adjusted earnings of $4.47 per share, slightly below the consensus call of $4.49 made at the end of July. The home-improvement retailer's forecasted revenue is around $25 billion. Prior to the report, the stock showed a 1.1% increase.
Aside from the mentioned companies, earnings reports are also expected from Dick's Sporting Goods (DKS), Baidu (BIDU), Medtronic (MDT), Macy's (M), and Toll Brothers (TOL) today.