Stock futures rose Tuesday as investors readied for inflation data and as quarterly results from Goldman Sachs Group Inc. exceeded Wall Street's expectations.
Goldman Sachs Group(GS) reported a profit of $2.09 billion, or $4.88 a share, compared with $1.42 billion, or $2.90 a share during the same period last year, as rebound in trading helped lift the investment banking powerhouse.
Meanwhile, shares of Netflix Inc.(NFLX) were expected to soar after results blew past Wall Street expectations. Also helping sentiment, oil prices climbed back above $50 a barrel.
Adding to earlier gains, Dow Jones Industrial Average futures rose 89 points, or 0.5%, to 18,108, while S&P 500 index futures gained 12.65 points, or 0.6%, to 2,136.00. Nasdaq-100 futures added 32.25 points, or 0.7%, to 4,835.50.
Warnings from prominent investors such as Jeffrey Gundlach that future moves by policy makers could bring about inflation and drive stock prices lower, along with weak oil prices, drove losses for Wall Street on Monday. The S&P 500 finished 0.3% lower at 2,126.50.
Oil prices rebounded some on Tuesday, with West Texas Intermediate oil up 50 cents, or 1%, to $50.44 a barrel. The dollar was largely holding steady, though weaker against the British pound . U.K. inflation data rose 1% in the year to September, the highest level since November 2014.
"Wall Street is eyeing a higher start to Tuesday's session as investors focus on the run of positive earnings releases, rather than getting overly caught up by the prospect of inflationary pressures," said Paul Webb, chief executive officer of ADS Securities London, in a note to clients.
Data ahead: Consumer-price data for September will be released at 8:30 a.m. Eastern Time, while a home builders' index is due at 10 a.m. Eastern.
Webb said sentiment could shift if inflation data meets the expectations of some--hitting a level not seen in nearly two years.
"We're certainly seeing support for precious metals as investors hunt out those assets that could work as inflationary hedges although anything that suggests the Fed might need to crank rates up that bit faster could well end up weighing on stocks," he said.