U.S. futures were rising premarket Tuesday, while crude oil continues to decline. All the major indicies, the Nasdaq, the S&P 500 and the Dow Jones Industrials futures, were up about 0.5% before the bell. This comes after more Federal Reserve members have showed support for another rate hike in June.
In the world markets, Europe showed positive movement Tuesday with the CAC 40 leading the way, up 1.4%. The DAX and FTSE 100 were also in the green, up about 1% and 0.9%, with about three hours left until the markets close. The Asian markets finished mixed; the Hang Seng was up 0.1%, while both the Nikkei and the Shanghai Composite were down 0.9% and 0.8%, respectively.
Best Buy (BBY) was down more than 5% in premarket trading after reporting earnings Tuesday. Revenue fell to $39.5 billion in fiscal 2016, a decrease of $811 million compared to the prior year. The decrease driven by the impact of foreign currency exchange rate. Best Buy, even with its stronger than expected earnings, is the latest to succumb to the retail industry woes.
Autozone (AZO) shares are down nearly 2% during premarket trading after releasing disappointing third-quarter earnings that missed estimates. Earnings were $10.77 per share, underperforming Wall Street expectations of $10.92. Quarterly revenue was also below the consensus forecast, coming in at $2.6 billion. Autozone's CEO Bill Rhodes said third-quarter sales were negatively impacted by the weather in the Midwestern, Middle Atlantic and Northeastern states.
Shares of Microsoft (MSFT) were trading up in the premarket after Cowen and Co. upgraded the technology giant to Outperform from Market Perform. Analyst Gregg Moskowitz he is confident that office revenue will grow next fiscal year. Moskowitz set a $58 price target on Microsoft shares.
Toll Brothers (TOL) were up about 4% during Tuesday's premarket trading. The company reported second-quarter revenues of $1.12 billion with earnings of $0.51 per share, beating analysts' estimates by $0.46. The home builder delivered more than 1,300 homes in the second quarter, this along with the increasing home prices helped strengthen revenue. New-home sales data is set to be released after opening bell.
-- Written by Anders Keitz