Stock Futures Gain With More Big Earnings Ahead

US stock futures rose slightly in overnight trading on Tuesday as investors prepare for another round of corporate earnings. Dow futures rose about 70 points. S&P 500 futures gained 0.25% and Nasdaq 100 futures rose 0.27%.

Chipotle rose more than 7% in after-hours trading on the back of its strong earnings, while Lyft ticked lower after announcing it had fewer active riders than in the prior quarter.

On Tuesday, the Dow Jones Industrial Average added more than 370 points, helped by a 7.8% pop in Amgen on the back of its strong earnings report. The S&P 500 also registered a gain, climbing 0.8%. The technology-focused Nasdaq Composite rose 1.3%.

Strong corporate earnings boosted sentiment on Tuesday, after a slow start to the week. Harley-Davidson, Chegg, DuPont and Centene all rose after reporting better-than-expected earnings. As of the closing bell on Tuesday, nearly 60% of all S&P 500 companies have reported fourth-quarter earnings and roughly 77% have topped Wall Street’s earnings estimates, according to FactSet.

This is significantly a very solid earnings season. High-interest earnings reports on Wednesday include CVS Health, Fox Corp., GlaxoSmithKline and Yum Brands before the bell. Disney, Mattel, MGM Resorts and Uber Technologies will release results after the bell on Wednesday.

Investors are also preparing for Thursday’s Consumer Price Index report, which should give an update on the inflation picture. The Federal Reserve has already broadcasted a monetary policy pivot in order to address the historically high price increases.

The CPI report has had a big influence on it all week and the truth is that headline number will likely be one of the highest markets have ever seen. Now the good news is that America is likely closer to a major peak in inflation and this number very well could be the peak. The inflation data is estimated to show that prices rose 0.4% in January, for a 7.2% gain from one year ago, according to Dow Jones.