US Stock Futures Look Up as Earnings Season Kicks Off

October 12 00:00 2011

New York, October 12 ( – US stock futures were looking up when Wall Street opened on Wednesday on a high note of European equity increases which gave a positive sentiment to investors despite a poor start by Alcoa Inc. Futures on the Dow Jones Industrial Average went up 117 points to 11,447. Futures on the Standard & Poor’s 500 Index rose 12.2 points to 1,201.80 and Nasdaq 100 futures gained 24 points to 2,312.50.

Michael Hewson, a market analyst at CMC Markets in London, said that the cautious optimism emanating from the feeling that European officials are moving in to rein in the region’s debt woes has been responsible for the rise in European equities and has buoyed the US stock futures as well.

Aluminum producer Alcoa reported a third-quarter profit of $172 million, or 15 cents a share, after Tuesday’s close falling short of estimates of 22 cents a share. Hewson said that investors will closely follow the revised guidance and that a note of caution will be injected if there are downward revisions to outlooks. Investors will be watching the minutes from the Sept, 20-21 meeting of Federal Reserve policy makers at 2 p.m. Eastern time.

European equities overcame their early weaknesses to trade higher as shares of miners, technology firms and auto makers rose.