US STOCKS-Futures point to higher open on tech results
By Ryan Vlastelica
NEW YORK Oct 21 (Reuters) - U.S. stock index futures pointed to a higher open on Tuesday, with the S&P 500 on track for a fourth straight session of gains, as Apple and Texas Instruments rallied after their results.
The results implied outsized gains for the tech-heavy Nasdaq index, while the Dow was also higher as several of its components reported results.
The S&P 500 has gained 2.2 percent over the past three sessions, rebounding after a four-week decline that took the benchmark index down nearly 10 percent from its intraday record.
Apple Inc rose 2.7 percent to $102.43 in heavy premarket trading a day after it reported revenue that topped expectations, helped by strong sales of its iPhone line. It also gave a strong outlook for the holiday quarter.
Chipmaker Texas Instruments' revenue beat forecasts, easing concerns about weak industry demand following IBM's results. Texas Instruments stock rose 2.2 percent to $45.40 before the bell.
United Technologies Corp rose 2.5 percent to $104.01 before the bell after the Dow component's adjusted earnings topped expectations by a penny. Fellow Dow component Travelers Cos Inc also reported a better-than-expected rise in quarterly operating profit. The stock rose 1.4 percent to $94.49.
On the downside, Dow components Coca-Cola Co, McDonald's Corp and Verizon Communications all fell following their results, with Coca-Cola and McDonald's both reporting drops in their profits. Coca-Cola fell 4.8 percent to $41.23 while McDonald's lost 2 percent to $89.80.
Also lower was Chipotle Mexican Grill, down 4.6 percent to $623 a day after signaling its current pace of growth couldn't last forever. Continuación...