U.S. futures were bouncing back from a rough opening day of trading for the week, with all three major indices rising premarket Tuesday.
World markets were having mixed results with the Shanghai Composite up 0.6% and Hang Seng up 0.5%. The Nikkei closed trading down 0.5%. In Europe, the FTSE-100 was the only index in the green, up 0.3%. The Dax and CAC 40 were both down 0.1% with about three hours left in trading.
Unlike the Monday session, crude prices were cooperating with the rising market as the commodity recovers from a down day of trading. Industry standard Brent crude futures contracts for June delivery were up $0.56 to $45.04 per barrel while West Texas crude contracts also climbed $0.51 to $43.15 per barrel.
It was a busy morning for earnings releases Tuesday. BP (BP) reported Earnings per ADS of $0.17, significantly better than the $0.30 loss analysts surveyed by Zacks were expecting. Revenue for the period fell 30% year over year to $38.51 billion, missing analysts' $39.59 billion estimates.
Procter & Gamble (PG) reported mixed third quarter results, earning $0.86 per share on revenue of $15.78 billion. Analysts on average were expecting the company to report earnings of $0.82 per share on revenue of $15.81 billion.
Hershey (HSY) shares could be under pressure today despite its strong quarterly results after the chocolate maker provided downside guidance. The company reported earnings of $1.10 per share vs. the consensus $1.07 per share expectations. Revenue of $1.83 billion was just short of the $1.9 billion analysts were expecting for the period. For the year, the company expects to earn between $.24 and $4.28 per share, below the consensus $4.34 per share estimates.
United Technologies (UTX) increased its quarterly dividend 3% to $0.66 per share after the closing bell Monday. The dividend is payable June 10 to shareholders of record on May 20.
Disney (DIS) is running into regulatory hurdles in China after the country's officials halted a partnership between the company and Chinese online retailer Alibaba (BABA), according to Dow Jones. The companies' joint DisneyLife online content service was suspended at the request of Chinese regulators.