Going for three straight gains

@CNNMoneyInvest August 7, 2012: 8:48 AM ET
u.s. stock futures, premarkets

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NEW YORK (CNNMoney) -- U.S. stocks were headed for a higher open and a third straight day of gains Tuesday, as investors geared up for more corporate earnings and held out hopes that European officials are working on a plan to stave off a eurozone collapse.

U.S. stock futures were up between 0.2% and 0.6%.

Stocks have advanced for two straight sessions, fueled by a better-than-expected July jobs report. All three major indexes -- the Dow Jones industrial average, the S&P 500 and the Nasdaq -- are at the highest levels since early May.

Investors remain optimistic that European officials will follow through, after Mario Draghi's comments last week in support of a bond-buying program to help lower borrowing costs in Spain and Italy.

On the domestic front, investors will receive a slew of earnings reports, including results from CVS Caremark (CVS, Fortune 500), MGM Resorts (MGM, Fortune 500) and Sirius XM Radio (SIRI).

Disney (DIS, Fortune 500), one of the Dow's best performers this year, reports after the closing bell Tuesday. Results due later in the week include News Corp (NWSA, Fortune 500), Macy's (M, Fortune 500) and J.C. Penney (JCP, Fortune 500).

While many bellwether companies have already reported second-quarter results, investors are still watching corporate earnings for clues about the health of the broader economy.

U.S. stocks closed higher Monday amid continued momentum from Friday's upbeat jobs report and lower borrowing costs in Spain and Italy. The situation in both countries remains precarious, however, with fears looming that Spain may soon need a bailout.

World markets: European stocks were mixed in afternoon trading. Britain's FTSE 100 fell slightly, while the DAX in Germany rose 0.6% and France's CAC 40 added 0.9%.

Asian markets finished higher. The Shanghai Composite ticked up 0.1%, the Hang Seng in Hong Kong rose 0.4% and Japan's Nikkei gained 0.9%.

Economy: At 3 p.m. ET, the Federal Reserve will release data on June consumer credit, which is expected to have expanded by $10 billion versus the month prior, according to a survey of analysts by Briefing.com.

Companies: Shares of Fossil (FOSL) climbed after the fashion accessories retailer's second quarter profit jumped 12% and topped forecasts.

Chesapeake Energy (CHK, Fortune 500), which has been in the spotlight amid takeover chatter and a management shakeup, posted second-quarter results that beat sales expectations.

Shares of British banking giant Standard Chartered fell 24% in London trading on Tuesday. The bank allegedly helped Iran avoid sanctions by concealing $250 billion worth of transactions over nearly 10 years, according to banking regulators in New York.

Standard Chartered said in a statement that it "strongly rejects the position or the portrayal of facts" made by the New York officials.

Best Buy's (BBY, Fortune 500) stock continued to move higher in premarket trading a day after the company's founder and major shareholder, Richard Schulze, offered to take the electronics retailer private at $24 to $26 a share, a 36% to 47% premium.

Shares of Apple (AAPL, Fortune 500) were higher in premarket trading. The stock has rebounded more than 8% since a 4% pummeling the day after it missed forecasts and guided lower. In fact, Apple shares are now just 3% below the all-time high of $644 set in April.

Sirius shares got a lift after the satellite radio company raised its annual profit forecast.

Shares of CVS rose after the retail drug store boosted its outlook for the year.

Later Tuesday, MGM is forecast to report a loss of 15 cents a share on $2.34 billion in revenue.

Currencies and commodities: The dollar fell against the euro and British pound, but rose versus the Japanese yen.

Oil for September delivery rose 49 cents to $92.69 a barrel.

Gold futures for August delivery gained 60 cents to $1,613.50 an ounce.

Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.61% from 1.56% late Monday.  To top of page

Index Last Change % Change
Dow 24,657.80 -42.41 -0.17%
Nasdaq 7,781.52 55.93 0.72%
S&P 500 2,767.32 4.73 0.17%
Treasuries 2.93 0.04 1.21%
Data as of 6:42pm ET
Company Price Change % Change
General Electric Co 12.88 -0.07 -0.54%
Advanced Micro Devic... 16.52 -0.17 -1.02%
Twenty-First Century... 48.08 3.37 7.54%
Starbucks Corp 52.22 -5.21 -9.07%
Oracle Corp 42.82 -3.45 -7.46%
Data as of 4:15pm ET
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15 yr fixed3.88%3.92%
5/1 ARM4.22%4.27%
30 yr refi4.44%4.48%
15 yr refi3.87%3.90%
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