US futures point to higher open ahead of key economic data – CNBC

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U.S. stock index futures were higher Tuesday morning after Wall Street posted a record close on Monday.

At around 5 a.m. ET, Dow futures rose 78 points and indicated a positive open of more than 62 points, while futures on the S&P 500 and Nasdaq were also higher.

Strong earnings, more promising economic data and optimism over a possible U.S.-China trade deal saw the Dow Jones Industrial Average join the S&P 500 and Nasdaq Composite at record highs on Monday.

The Dow’s year-to-date gain now stands at around 18%, while the S&P 500 is up more than 22% and the Nasdaq more than 27% so far this year.

Market focus remains attuned to trade discussions, with Reuters reporting on Monday that China is pushing U.S. President Donald Trump to remove more tariffs imposed in September as part of the much touted “phase one” trade deal between the two nations.

Traders will also have eyes on a raft of economic data Tuesday morning. September balance of trade, import and export figures are due for release at 9:30 a.m. ET before November Redbook data at 9:55 a.m. ET.

Composite and services PMI (purchasing managers’ index) numbers for October are expected at 10:45 a.m. ET, followed by non-manufacturing PMI and a host of other non-manufacturing figures at 11: a.m. ET.

On the earnings front, Allergan and Becton Dickinson are set to report before the bell on Tuesday.

– CNBC’s Fred Imbert contributed to this report.

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