United States stock futures edged higher in early trade on Tuesday (AEST), following a subdued start to a pivotal week marked by speeches from Federal Reserve officials and earnings from major retailers.
At 8:55 am AEST (10:55 pm GMT), futures tied to the Dow Jones Industrial Average, S&P 500 and Nasdaq 100 each rose around 0.1%.
Palo Alto Networks gained 5.1% in extended trade after the cybersecurity company topped market expectations and issued upbeat guidance. Adjusted earnings per share (EPS) came in at $0.95 versus expectations of $0.89, while revenue reached US$2.54 billion, slightly ahead of the $2.50 billion consensus.
The company also announced that founder Nir Zuk, who launched Palo Alto in 2005, will retire from his role as chief technology officer.
Additionally, Intel jumped 4.6% after news that SoftBank will invest US$2 billion (A$3.07 billion) in the struggling U.S. chipmaker.
On Monday, major benchmark averages held in a narrow range, remaining just below record highs set last week.
Investor focus is now on Federal Reserve Chair Jerome Powell’s upcoming remarks at the central bank’s annual Jackson Hole symposium in Wyoming, which could provide direction on the policy outlook for the rest of the year.
According to CME Group FedWatch Tool, futures markets are pricing in an 83.6% probability of a quarter-point rate cut at the Fed’s September meeting.
Retail earnings are also in the spotlight, with Home Depot due to report before Tuesday’s opening bell.
Lowe’s, Walmart and Target will follow later in the week, offering fresh insight into consumer strength heading into the final stretch of the year.
