US STOCKS-Wall St headed higher on strong earnings start

  • Reuters
  • Stock Market News
US STOCKS-Wall St headed higher on strong earnings start
Credit: © Reuters.

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* JPMorgan rises premarket after profit beat

* UnitedHealth, J&J boost profit forecasts

* Wells Fargo (NYSE: WFC ), Goldman Sachs (NYSE: GS ) drop on earnings miss

* Futures up: Dow 0.30%, S&P 0.30%, Nasdaq 0.26%

(Adds comments; updates market action)

By Sagarika Jaisinghani

Oct 15 (Reuters) - Wall Street was set to open higher on Tuesday, as strong earnings reports from JPMorgan Chase (NYSE: JPM ), UnitedHealth and Johnson & Johnson allayed concerns about the fallout from a prolonged U.S.-China trade war on corporate America.

JPMorgan Chase & Co JPM.N gained 2% in premarket trading after beating Wall Street estimates for third-quarter profit by a wide margin. of UnitedHealth Group Inc (NYSE: UNH ) UNH.N and Johnson & Johnson JNJ.N rose 2.2% and 1.7%, respectively. The healthcare companies reported strong quarterly results and raised their full-year profit forecasts. good earnings season with solid reporting and signs from companies saying the future is okay would assuage fears regarding an economic slowdown and recession," said Andre Bakhos, managing director at New Vines Capital LLC in Bernardsville, New Jersey.

Analysts are forecasting the worst quarterly profit performance in about three years for S&P 500 companies, with industrial companies among those most at risk from the trade dispute. Fargo WFC.N and Goldman Sachs GS.N dropped 1% and 2%, respectively, after reporting weaker-than-expected quarterly profit. banks are expected to report a 1.2% decline in earnings, their first year-on-year drop in three, due in part to low interest rates and trade tensions. Street has been rattled over the past 15 months by tit-for-tat tariffs by the United States and China, with the impact already reflecting in the domestic economy.

After a more than 11% increase in the first quarter, gains in the three main U.S. stock indexes tapered off in the second and third. The S&P 500 and Dow Jones kicked off the fourth quarter with a 0.4% drop so far in October.

At 8:46 a.m. ET, Dow e-minis 1YMcv1 were up 79 points, or 0.3%. S&P 500 e-minis EScv1 were up 9 points, or 0.3% and Nasdaq 100 e-minis NQcv1 were up 20.75 points, or 0.26%.

Shares of BlackRock Inc (NYSE: BLK ) BLK.N , the world's biggest asset manager, rose slightly after its quarterly profit beat estimates. retailer Bed Bath & Beyond Inc BBBY.O was up 3.8% after Keybanc upgraded the stock to "overweight". L3N2702TW

Shares of mobile game developer Glu Mobile GLUU.O jumped 9.1% as it is set to replace SolarEdge Technologies SEDG.O in the S&P SmallCap 600. Cos Inc LOW.N rose 1.9% after Piper Jaffray upgraded the home improvement chain to "overweight" from "neutral".

Bank of America (NYSE: BAC ) BAC.N and Morgan Stanley (NYSE: MS ) MS.N are due to report later this week, along with Netflix Inc NFLX.O , Abbott Laboratories (NYSE: ABT ) ABT.N and Union Pacific (NYSE: UNP ) UNP.N .

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